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EUROZONE ISSUANCE: EGB Supply

EUROZONE ISSUANCE
EurozoneBulletMarketsFixed Income Bullets

Austria has announced it will hold a syndication, whilst the Netherlands, Italy, and Germany are all due to hold auctions this week. We pencil in a further syndication from Germany while the EU has held an auction already this week. We look for estimated gross issuance for the week of E42.8bln, down from E57.3bln last week.

  • Yesterday, Austria announced a dual-tranche mandate for a new 10-year Feb-25 RAGB maturing 20 February 2035 alongside a tap of the 1.85% May-49 Green RAGB (ISIN: AT0000A2Y8G4). We expect the transaction to take place on Tuesday.
    • Both bonds are as expected (see Friday’s EGB Issuance, Redemption and Cash Flow Matrix), with the timing having been uncertain due to the budget. We look for the Feb-35 tranche to be sized between E4.5-5.0bln (including E250-500mln retention) with a tap of E1.0-2.0bln of the 1.85% May-49 Green RAGB.
  • Also today, the Netherlands will hold an auction to sell E2.0-2.5bln of the 5-year 2.50% Jan-30 DSL (ISIN: NL0015001DQ7).
  • Following this later today, Italy will hold a BTP Short Term and BTPei auction. As we expected, the new 2.55% Feb-27 BTP Short Term (ISIN: IT0005633794) will be launched for E2.75-3.00bln. Alongside this, E1.00-1.25bln of the 1.50% May-29 BTPei (ISIN: IT0005543803) and E1.00-1.25bln of the 1.80% May-36 BTPei (ISIN: IT0005588881) will be on offer.
  • Also today, Germany will sell E5bln of the new 2.20% Mar-27 Schatz (ISIN: DE000BU22080).

For more details on issuance this week and next week see the full document here: EZ250128.pdf

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Austria has announced it will hold a syndication, whilst the Netherlands, Italy, and Germany are all due to hold auctions this week. We pencil in a further syndication from Germany while the EU has held an auction already this week. We look for estimated gross issuance for the week of E42.8bln, down from E57.3bln last week.

  • Yesterday, Austria announced a dual-tranche mandate for a new 10-year Feb-25 RAGB maturing 20 February 2035 alongside a tap of the 1.85% May-49 Green RAGB (ISIN: AT0000A2Y8G4). We expect the transaction to take place on Tuesday.
    • Both bonds are as expected (see Friday’s EGB Issuance, Redemption and Cash Flow Matrix), with the timing having been uncertain due to the budget. We look for the Feb-35 tranche to be sized between E4.5-5.0bln (including E250-500mln retention) with a tap of E1.0-2.0bln of the 1.85% May-49 Green RAGB.
  • Also today, the Netherlands will hold an auction to sell E2.0-2.5bln of the 5-year 2.50% Jan-30 DSL (ISIN: NL0015001DQ7).
  • Following this later today, Italy will hold a BTP Short Term and BTPei auction. As we expected, the new 2.55% Feb-27 BTP Short Term (ISIN: IT0005633794) will be launched for E2.75-3.00bln. Alongside this, E1.00-1.25bln of the 1.50% May-29 BTPei (ISIN: IT0005543803) and E1.00-1.25bln of the 1.80% May-36 BTPei (ISIN: IT0005588881) will be on offer.
  • Also today, Germany will sell E5bln of the new 2.20% Mar-27 Schatz (ISIN: DE000BU22080).

For more details on issuance this week and next week see the full document here: EZ250128.pdf