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EGB Supply

EUROZONE ISSUANCE

Slovakia, Germany, Finland, Greece and Germany all look to hold auctions in the upcoming week. On the syndication side, the EFSF has sent an RFP and Latvia announced investor call. We see Spain and Austria as the most likely additional candidates to hold syndications in our view. We pencil in estimated gross issuance for the week at E23.8bln, down from E43.0bln last week.

  • The EFSF sent an RfP for an “upcoming” transaction last Wednesday. We look for up to E5bln to be sold (but a smaller E3-4bln transaction is equally possible). Note that there is a E4.5bln redemption due of a former 10-year EFSF-bond due on 27 June. We look for the transaction to take place on Tuesday. We don’t have a strong conviction regarding what will be on offer.
  • Germany will come to the market on Tuesday with E4bln of the 2.10% Apr-29 Bobl (ISIN: DE000BU25026) on offer.
  • Also on Tuesday, Finland will hold a conventional auction for up to E1.5bln of on-the-run 5/10-year RFGBs. On offer will be the 2.875% Apr-29 RFGB (ISIN: FI4000557525) and the 3.00% Sep-34 RFGB (ISIN: FI4000571104).
  • Latvia announced that it had mandated Credit Agricole, Citi, Goldman Sachs and JP Morgan as JLMs to hold investor calls on Tuesday at 14:00BST / 15:00CET with a new 10-year Jul-34 USD bond to follow. We don’t have a strong conviction regarding the size as Latvia has not issued any USD bonds since 2012 but pencil in USD400-600mln. We expect a transaction on Wednesday.
  • On Wednesday, Greece will look to hold a GGB auction. Details will be announced today.
  • Also on Wednesday, Germany will look to sell E4bln of the 10-year 2.20% Feb-34 Bund (ISIN: DE000BU2Z023).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240521.pdf

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