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EGB Supply

EUROZONE ISSUANCE

Germany and Italy look to return to the market today while Spain and France look to come to the market later this week and Greece has already a syndication. We also see potential for other syndications this week (particularly Belgian or Italian). We pencil in estimated gross issuance for the week at E56.7bln, up from E22.2bln last week, but with the return of higher redemptions and coupons.

  • Italy has announced a mandate for a new long 15-year Oct-39 BTP. Our base case had been that we would see the next Italian syndication next week or the following week (despite noting a possibility of a deal this week). We had also noted the increased probability of a syndication following the decision by the MEF to not launch a new 10-year BTP at yesterday’s auction and to reopen two off-the-run BTPs with maturities around the 10-year area. We expect the transaction to launch today and look for a size of E5-10bln.
  • Germany will return to the market on Wednesday with E4.5bln of the 10-year 2.20% Feb-34 Bund (ISIN: DE000BU2Z023) on offer.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240131.pdf

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