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EGB Supply

EUROZONE ISSUANCE

The EU, Austria and Germany have already held conventional issuance operations this week, while Belgium has held a new 5- year benchmark syndication. Germany, Portugal and Italy are still due to issue this week. We pencil in estimated gross issuance for the week at E32.9bln, above the E29.2bln last week.

  • This morning, Germany will look to sell E2.5bln of the new 2.60% May-41 Bund (ISIN: DE000BU2F009). The Bund will be on offer again at the 29 May auction for 15-year Bunds.
  • Also this morning, Portugal will hold an auction with the following OTs on offer for a combined E1.25-1.50bln: the off-the-run 10-year 2.25% Apr-34 OT (ISIN: PTOTEWOE0017), the on-the-run 15-year 3.50% Jun-38 OT (ISIN: PTOTEZOE0014) and the off-the-run 20-year 4.10% Feb-45 OT (ISIN: PTOTEBOE0020)

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


EZ240410.pdf

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