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EGB Supply

EUROZONE ISSUANCE

The EU, Austria, Germany and Italy all look to issue this week. We pencil in gross nominal issuance of E25.5bln from announced operations, up from last week’s E21.9bln.

  • The EU is scheduled to hold a dual-tranche 3/30-year syndication today. On offer will be the new long 3-year Oct-26 EU-bond (ISIN: TBC) and a tap of the 30-year 3.00% Mar-53 EU-bond (ISIN: EU000A3K4DY4). We pencil in E5bln for the 3-year and E2.5bln for the 30-year with upside risks.
  • Austria will kick off auctions for the week this morning with a combined E1.725bln of 10/20-year RAGBs on offer: the 2.90% Feb-33 RAGB (ISIN: AT0000A324S8) and the 3.15% Jun-44 RAGB (ISIN: AT0000A0VRQ6).
  • Also this morning, Germany will look to sell E5bln of the 2.20% Apr-28 Bobl (ISIN: DE000BU25000).
For more on this week's issuance and a look ahead to next week, see the PDF here:

EZ230509.pdf

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