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EGB Supply

EUROZONE ISSUANCE

Germany and Croatia have released mandates for syndications while Austria, Germany, Spain and France are all due to hold auctions in the week ahead; the EU has already come to the market. We pencil in estimated gross issuance for the week at E35.1bln, up from E26.3bln last week but without the large redemptions and coupons.

  • Germany announced a mandate to hold its second syndication of 2024, with a tap of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004) in the “near future.” We expect a E3-4bln transaction to be held today.
    • This 30-year Bund was launched on 30 January with E6bln sold (E5bln allotted) from books of E74bln. It was then reopened via auction on 14 February for E1.0bln (E852mln allotted).
  • Croatia also announced a mandate to launch a new 10-year bond. We pencil in a E1.0-1.5bln transaction size, and also look for a transaction today.
  • This morning will see Austria come to the market to hold an auction with a combined E2.0125bln of on-the-run 6/10-year RAGBs on offer: the 3.45% Oct-30 RAGB (ISIN: AT0000A38239) and the 2.90% Feb-34 RAGB (ISIN: AT0000A39UW5).
  • Germany will also hold an auction this morning with E4bln of the 2.10% Apr-29 Bobl (ISIN: DE000BU25026) on offer.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240305.pdf

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