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EGB Supply

EUROZONE ISSUANCE

Italy, Ireland, Spain, France and Lithuania all look to still issue this week while the EU, Croatia, Estonia, Austria and Germany all came to the market yesterday. We pencil in gross nominal issuance of E25.8bln excluding retail operations, down from E37.0bln last week.

  • Spain announced a mandate to hold a syndication "in the near future" for a new 10-year Oct-33 Obli. We look for a transaction size of E10-15bln and expect the syndication to take place today.
  • Lithuania also announced a mandate to hold a syndication “in the near future, subject to market conditions” for a 10-year EUR Benchmark. We expect the syndication to take place today.
  • France has also announced a mandate to hold a syndication “in the near future, subject to market conditions” for a Mar-39 OATi. We expect this to take place today.
  • Germany will return to the market today with E1bln of the 0% Oct-25 Green Bobl (ISIN: DE0001030716) on offer.
  • Ireland will hold its second IGB auction of 2023 tomorrow with E1.00-1.25bln combined of 10/30-year IGBs: the 1.30% May-33 IGB (ISIN: IE00BFZRPZ02) and the 1.50% May-50 IGB (ISIN: IE00BH3SQB22).

For more on this week's issuance and a look ahead to next week's supply see the PDF here:


EZ230607.pdf

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