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EGB Supply

EUROZONE ISSUANCE

The Netherlands, Germany, Portugal and Italy all look to hold auctions in the week ahead while there is a scheduled EU syndication and we also pencil in a Greek syndication. In general, the syndication schedule should slow down a bit as we approach the ECB meeting. We pencil in estimated gross issuance for the week at E24.0bln, around half the E51.2bln seen last week – but note the lower redemptions and coupon payments.

  • The EU has a syndication scheduled for today. As we had expected, the transaction will be a dual-tranche offering and there will be 7/30-year EU-bonds on offer: the 3.125% Dec-30 EU-bond (ISIN: EU000A3LNF05) and the 3.00% Mar-53 EU-bond (ISIN: EU000A3K4DY4).
  • The Netherlands will look to kick off auctions for the week this morning with E1.5-2.5bln of the 15-year 0% Jan-38 DSL (ISIN: NL0015000B11) on offer.
  • Germany will then look to hold a multi-ISIN green auction, also on today – with E1bln of the 1.30% Oct-27 Green Bobl (ISIN: DE0001030740) and E1bln of the 1.80% Aug-53 Green Bund (ISIN: DE0001030757) on offer.

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