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EGB Supply

EUROZONE ISSUANCE

Austria and Spain both look to issue today while France looks to return; Slovakia, Germany, Finland, Greece and Italy have already come to the market this week. We pencil in estimated gross issuance for the week at E51.3bln, down from E67.4bln last week.

  • Austria has also released a mandate for a triple-tranche syndication for the “near future” (we expect today). Like the France Green and Finnish syndications this week, this transaction had been expected but is coming a bit earlier in the month than we had expected as issuers look to take advantage of the huge demand we have seen for EGB syndications so far in 2024 (we had pencilled in an Austrian syndication for the W/C 22 January). On offer will be a 10-year new Feb-34 RAGB (we pencil in E4-6bln), the 5-year 2.90% May-29 Green RAGB (ISIN: AT0000A33SH3) (we pencil in E1.5-3.0bln) and the 25-year 1.85% May-49 Green RAGB (ISIN: AT0000A2Y8G4) (we pencil in E1.00-1.75bln).
  • Spain will hold a Bono/Obli auction this morning. On offer will be E5.5-6.5bln of the 2.50% May-27 Bono (ISIN: ES0000012M77), the 1.25% Oct-30 Obli (ISIN: ES0000012G34) and the 3.90% Jul-39 Obli (ISIN: ES0000012L60). We had expected a slightly smaller target range given the recent syndication.
  • France will then return to the market to hold a MT OAT auction with E10.5-12.0bln on offer. A new 3-year 2.50% Sep-27 OAT will be on offer alongside the 5-year on-the-run 2.75% Feb-29 OAT (ISIN: FR001400HI98) and the off-the-run 0.50% May-29 OAT (ISIN: FR0013407236).
  • France will conclude issuance for the week later today, with an IL OATs auction with a combined E1.5-2.0bln on offer across the 3.40% Jul-29 OATi (ISIN: FR0000186413), the 0.10% Mar-36 OATi (ISIN: FR0013524014), the 0.60% Jul-34 OATei (ISIN: FR001400JI88) and the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240118.pdf

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