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EGB Supply

EUROZONE ISSUANCE

The Netherlands and Italy both still look to issue this week while the EU came to the market yesterday. We pencil in gross nominal issuance of E17.5bln (excluding issuance via exchanges), up from E13.0bln last week.

  • Italy has announced that it will MEF has announced it will launch a new CCTeu maturing 15 October 2031 via syndicated exchange in the “near future” and buyback the following: the 2.45% Oct-23 BTP (ISIN: IT0005344335), the 0.65% Oct-23 BTP (ISIN: IT0005215246), the 0.25% Nov-23 BTP Italia (ISIN: IT0005312142), the Dec-23 CCTeu (ISIN: IT0005399230) and the Apr-25 CCTeu (ISIN: IT0005311508). We expect the transaction to take place on Wednesday.
  • Also Wednesday, Portugal will hold an exchange auction, looking to sell 10/30-year OTs: 1.65% Jul-32 OT (ISIN: PTOTEYOE0031) and 1.00% Apr-52 OT (ISIN: PTOTECOE0037). In exchange IGCP looks to buy the 2.875% Oct-25 OT (ISIN: PTOTEKOE0011) @ 99.883, the 2.875% Jul-26 OT (ISIN: PTOTETOE0012) @ 99.956 and the 4.125% Apr-27 OT (ISIN: PTOTEUOE0019) @ 104.472.
For more on this week's issuance, a look ahead to next week's supply and a recap of this week's Q3/H2 issuance updates see the PDF here:

EZ230628.pdf

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