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EGB Supply

EUROZONE ISSUANCE

The EU has already held an issuance operation this week, while Belgium, Austria, Germany, Portugal and Italy are all due to issue later this week. We pencil in estimated gross issuance for the week at E32.9bln, above the E29.2bln last week. In terms of syndications (alongside Belgium) we see Finland, Greece, Italy and Spain as the most likely candidates this week. However, any syndications are likely to be on Tuesday or Wednesday so that they are not ongoing through the ECB meeting and we would be surprised to see more than 1-2 syndicated deals this week.

  • Belgium has mandated banks to hold a 5-year EUR benchmark OLO syndication in the near future. We expect the transaction to take place on Tuesday. We had expected a 5/6-year OLO syndication in May, with an April offering less likely following last week's 30-year USD benchmark syndication. The new OLO will have a maturity date of October 22, 2029, and we expect a size of E5-8bln. The conventional OLO auction scheduled for April 22, 2024 has been cancelled.
  • This morning, Austria will come to the market to hold an RAGB auction with another auction size of E2.0125bln (we look for E1.75bln to be allotted). On offer will be the 0.50% Feb-29 RAGB (ISIN: AT0000A269M8) and the 2.90% Feb-34 RAGB (ISIN: AT0000A39UW5).
  • Also this morning, Germany will come to the market to sell E4bln of the 2.10% Apr-29 Bobl (ISIN: DE000BU25026).

For more on this week's issuance and a look ahead to next week's supply see the PDF here:


EZ240409.pdf

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