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EGB Supply

EUROZONE ISSUANCE

The EU, Finland and Greece have all held syndications this week while Italy and Germany have held auctions. We estimate gross issuance for the week at E29.0bln.

This week saw a single redemption of E5.0bln from a formerly 8-year ESM-bond. Coupon payments total E9.2bln, of which E8.4bln are French and E0.3bln Belgian. Together with some reasonable syndications, this leaves estimated net flows for the week at positive E12.0bln, versus negative E4.1bln last week.

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The EU, Finland and Greece have all held syndications this week while Italy and Germany have held auctions. We estimate gross issuance for the week at E29.0bln.

This week saw a single redemption of E5.0bln from a formerly 8-year ESM-bond. Coupon payments total E9.2bln, of which E8.4bln are French and E0.3bln Belgian. Together with some reasonable syndications, this leaves estimated net flows for the week at positive E12.0bln, versus negative E4.1bln last week.

Keep reading...Show less