EGB Supply

Italy, Cyprus and Belgium all still look to issue this week. The EU, the Netherlands, Italy, Germany and Greece have already come to the market. We pencil in gross nominal issuance of E32.3bln from scheduled issuance operations this week, almost double last week’s E16.8bln.

• This morning, Italy will look to hold its 5/10-year BTP and CCTeu auctions: it will look to sell E2.5-3.0bln of the on-the-run 5-year 3.40% Apr-28 BTP (ISIN: IT0005521981) and E3.0-3.5bln of the on-the-run 10-year 4.40% May-33 BTP (ISIN: IT0005518128). It will also look to sell E1.00-1.25bln of the 0.65% Apr-29 CCTeu (ISIN: IT0005451361) and E1.00-1.25bln of the 0.75% Oct-30 CCTeu (ISIN: IT0005491250).
• Cyprus announced on Monday that it was holding investor calls both today and tomorrow to present its “newly established Sustainable Finance Framework” with an inaugural Sustainable Bond to follow, subject to market conditions. We pencil in a Thursday transaction with a E1.0bln transaction size (in line with the guidance from the 2023 annual funding plan).
• On Friday, Belgium will conclude issuance for the week with an ORI Facility operation (we pencil in a E500mln size across two off-the-run OLOs). Details will be announced Thursday afternoon.

EZ230330.pdf