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EGB Supply

EUROZONE ISSUANCE

The Netherlands, Germany and Italy all still look to issue this week while the EU came to the market yesterday. We pencil in gross nominal issuance of E22.0bln from announced operations, down from E33.7bln last week.

  • Italy has announced that it will hold a syndication in the near future for a new 15-year BTPei maturing 15 May 2039. We expect the transaction to take place today and pencil in a E4-5bln transaction size (but are biased towards the smaller end of the range).
  • The Netherlands will look to kick off today’s auctions, with E2.0-2.5bln of the 5-year 0.75% Jul-28 DSL (ISIN: NL0012818504) on offer.
  • Later this morning, Germany will look to sell E6bln of the 2.80% Jun-25 Schatz (ISIN: DE000BU22015).
For more on this week's issuance and a look ahead to next week, see the PDF here:

EZ230523.pdf

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