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EGB Supply

EUROZONE ISSUANCE

Greece is due to hold a syndication today with Germany returning for its second auction of the week. The EU and Finland held syndications yesterday while Italy and Germany held auctions. We pencil in estimated gross issuance for the week from currently announced operations at E28.5bln. However, there is still a chance that we see another syndication or two announced this week with Austria, France, Portugal and Spain all having the potential to come to the market.

  • Greece has announced a mandate for a new 30-year GGB maturing 15 June 2054 to be sold via syndication take place in the “near future”. We look for a transaction today with a size of E1.5-2.5bln likely.
  • Germany will return to the market this morning with E4bln 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:

EZ240424.pdf

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