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EGB Supply

EUROZONE ISSUANCE

Italy is due to return to hold its second auction of the week today while Finland will hold an ORI operation. The EU, Belgium, the Netherlands, Italy, Germany and Spain have already come to the market this week. We pencil in estimated gross issuance for the week at E38.5bln, up from E26.7bln last week, but net flows will turn negative given the scale of redemptions due.

  • Italy will return to the market on Thursday with a 5/10-year BTP and CCTeu auction. On offer will be E2.0-2.5bln of the on-the-run 3.35% Jul-29 BTP (ISIN: IT0005584849), E1.0-1.5bln of the 3.85% Dec-29 BTP (ISIN: IT0005519787), E3.0-3.5bln of the on-the-run 3.85% Jul-34 BTP (ISIN: IT0005584856), E0.75-1.0bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467) and E0.75-1.0bln of the 0.65% Apr-29 CCTeu (ISIN: IT0005451361).
  • Finland will conclude issuance for the month, also on Thursday, with up to E400mln of the 0.50% Apr-26 RFGB (ISIN: FI4000197959) and 1.375% Apr-47 RFGB (ISIN: FI4000242870) available through its ORI Facility.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240530a.pdf

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Italy is due to return to hold its second auction of the week today while Finland will hold an ORI operation. The EU, Belgium, the Netherlands, Italy, Germany and Spain have already come to the market this week. We pencil in estimated gross issuance for the week at E38.5bln, up from E26.7bln last week, but net flows will turn negative given the scale of redemptions due.

  • Italy will return to the market on Thursday with a 5/10-year BTP and CCTeu auction. On offer will be E2.0-2.5bln of the on-the-run 3.35% Jul-29 BTP (ISIN: IT0005584849), E1.0-1.5bln of the 3.85% Dec-29 BTP (ISIN: IT0005519787), E3.0-3.5bln of the on-the-run 3.85% Jul-34 BTP (ISIN: IT0005584856), E0.75-1.0bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467) and E0.75-1.0bln of the 0.65% Apr-29 CCTeu (ISIN: IT0005451361).
  • Finland will conclude issuance for the month, also on Thursday, with up to E400mln of the 0.50% Apr-26 RFGB (ISIN: FI4000197959) and 1.375% Apr-47 RFGB (ISIN: FI4000242870) available through its ORI Facility.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240530a.pdf