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EGB Supply

EUROZONE ISSUANCE
Latvia, Germany, Spain and France all still look to issue in the week ahead while the EFSF, Austria and Germany have already issued. We pencil in gross nominal issuance of E25.2ln, slightly higher than the E24.4bln last week.
  • Latvia has released a mandate for a new 10-year benchmark syndication to be held in the near future. We look for a transaction today with a similar E750mln size to the 5-year transaction held in January in a E0.5bln-E1.0bln range. Latvia’s recently-updated investor presentation looks for a total of E1.7bln to be sold in H2 – the same total raised in H1.
  • Germany will return to the market today to hold a E1bln auction for the 2.30% Feb-33 Green Bund (ISIN: DE000BU3Z005).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ230705.pdf

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