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EGB Supply

EUROZONE ISSUANCE

Italy and Germany both still look to issue this week while Belgium came to the market yesterday. We pencil in gross nominal issuance of E22.0bln, down from E31.1bln last week.

  • Italy will come to the market this morning to hold a BTP Short Term / BTPei auction. It will look to launch the new 3.60% Sep-25 BTP Short Term (ISIN: TBC) for E3.25-3.75bln alongside the 10-year 0.10% May-33 BTPei (ISIN: IT0005482994) for E1.00-1.25bln.
  • Tomorrow, Germany will come to the market to launch the new 7-year Nov-30 Bund (ISIN: DE000BU27006) for E4bln. The coupon will be confirmed on Tuesday.
  • Italy will return to the market on Thursday to hold a 5/10-year BTP and CCTeu auction for a combined total of up to E9.75bln. On offer will be E3.0-3.5bln of the on-the-run 5-year 3.80% Aug-28 BTP (ISIN: IT0005548315), E1.00-1.25bln of the off-the-run 10-year 2.50% Dec-32 BTP (ISIN: IT0005494239), E3.25-3.75bln of the on-the-run 10-year 4.35% Nov-33 BTP (ISIN: IT0005544082) and E1.00-1.25bln of the 0.80% Oct-28 CCTeu (ISIN: IT0005534984).
  • Italy also announced a calendar change for August, cancelling the M/T BTP auctions scheduled for 11 August (3/7/15-50 year) as well as the BTPei auction scheduled for 25 August.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ230725.pdf

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