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EGB Supply

EUROZONE ISSUANCE
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Austria, Germany and Italy are all due to issue this week. We pencil in gross nominal issuance of E14.8bln, down from E31.0bln last week.

  • Austria will kick off issuance for the week this morning with an RAGB auction. On offer will be a combined E1.265bln of the 5-year 0% Oct-28 RAGB (ISIN: AT0000A2VB47) and the on-the-run 2.90% Feb-33 RAGB (ISIN: AT0000A324S8). This is likely to be the last Austrian auction of 2023 and follows the triple-tranche syndication of 19 October.
  • Tomorrow, Germany will come to the market to sell E4bln of the 10-year 2.60% Aug-33 Bund (ISIN: DE000BU2Z015).
  • Italy will look to conclude issuance for the week on Friday with a 3/7/15-50-year BTP auction. We expect reopenings of both the 3-year on-the-run 3.85% Sep-26 BTP (ISIN: IT0005556011) and the 7-year on-the-run 4.00% Nov-30 BTP (ISIN: IT0005561888). We have less conviction on the 15-50-year BTP on offer. The bonds on offer will be announced late this afternoon.

NET NOMINAL FLOWS: This week sees redemptions of E3.5bln from a formerly 7-year EU-bond and coupon payments for the week of E0.3bln. This leaves net flows for the week an estimated positive E11.0bln versus negative E15.5bln last week.

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Austria, Germany and Italy are all due to issue this week. We pencil in gross nominal issuance of E14.8bln, down from E31.0bln last week.

  • Austria will kick off issuance for the week this morning with an RAGB auction. On offer will be a combined E1.265bln of the 5-year 0% Oct-28 RAGB (ISIN: AT0000A2VB47) and the on-the-run 2.90% Feb-33 RAGB (ISIN: AT0000A324S8). This is likely to be the last Austrian auction of 2023 and follows the triple-tranche syndication of 19 October.
  • Tomorrow, Germany will come to the market to sell E4bln of the 10-year 2.60% Aug-33 Bund (ISIN: DE000BU2Z015).
  • Italy will look to conclude issuance for the week on Friday with a 3/7/15-50-year BTP auction. We expect reopenings of both the 3-year on-the-run 3.85% Sep-26 BTP (ISIN: IT0005556011) and the 7-year on-the-run 4.00% Nov-30 BTP (ISIN: IT0005561888). We have less conviction on the 15-50-year BTP on offer. The bonds on offer will be announced late this afternoon.

NET NOMINAL FLOWS: This week sees redemptions of E3.5bln from a formerly 7-year EU-bond and coupon payments for the week of E0.3bln. This leaves net flows for the week an estimated positive E11.0bln versus negative E15.5bln last week.

Keep reading...Show less