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EGB Supply

EUROZONE ISSUANCE

The EU and Italy both released updated funding plans yesterday (summarised in the PDF). Finland looks to hold a USD syndication while Italy and Germany look to hold auctions. We pencil in an estimated gross issuance for the week at E24.7bln, down from E28.7bln this week.

  • On Monday, a mandate was announced for Finland to launch a new 10-year USD EMTN maturing 2 July 2034. The transaction is expected to take place on Tuesday, with IPT of SOFR + 55bp area (CT10 + 16bp area). We look for a transaction size of USD1-2bln.
  • Italy on Tuesday will look to hold a BTP Short Term and BTPei auction. On offer will be E2.0-2.5bln of the on-the-run 3.20% Jan-26 BTP Short Term (ISIN: IT0005584302) alongside E0.5-1.5bln of the 0.40% May-30 BTPei (ISIN: IT0005387052) and E0.75-1.25bln of the 2.40% May-39 BTPei (ISIN: IT0005547812).
  • Germany on Tuesday, will issue E4.5bln of the 2.90% Jun-26 Schatz (ISIN: DE000BU22056).
  • Italy will return to the market on Thursday, to hold a 5/10-year BTP / CCTeu auction. On offer will be E3.0-3.5bln of the on-the-run 5-year 3.35% Jul-29 BTP (ISIN: IT0005584849), E3.0-3.5bln of the on-the-run 10-year 3.85% Jul-34 BTP (ISIN: IT0005584856) and E1.25-1.75bln of the Apr-32 CCTeu (ISIN: IT0005594467). We had thought there was a risk of a new 10-year BTP being launched at this auction, but we think that will now happen in July.
For more on this week's issuance and a look ahead to next week's issuance see the full PDF here:

EZ240625.pdf

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