EGB Supply

The Netherlands, Austria, Germany and Italy all look to hold auctions this week, whilst the EU will look to hold a syndication today. We pencil in an estimated gross issuance for the week at E22.0bln, down from E27.4bln last week.

• Yesterday, the EU announced a mandate to launch a new 5-year bond maturing 5 October 2029 and tap of the 3.375% 30-year EU bond maturing 5 October 2054 (ISIN: EU000A3K4EY2). The transaction is expected to take place today. We pencil in a combined transaction size of E8-9bln with E4-5bln of the 5-year and E3-4bln of the 30-year.
• Today, the Netherlands will kick off issuance for the week by holding a conventional auction with E1.5-2.0bln of the 3.25% Jan-44 Green DSL (ISIN: NL0015001RG8) on offer.
• Also today, Austria will sell a combined E1.438bln of the 2.90% May-29 Green RAGB (ISIN: AT0000A33SH3) and the 3.15% Jun-44 RAGB (ISIN: AT0000A0VRQ6).
• Germany tomorrow, will hold a 15-year Bund auction. On offer will be E500mln of the 0% May-36 Bund (ISIN:DE0001102549) alongside E1.5bln of the on-the-run 1.00% May-38 Bund (ISIN: DE0001102598).
• Italy, on Thursday will conclude issuance for the week by holding a a 3/7/20-year BTP auction. On offer will be E1.25-1.50bln of the 1.10% Apr-27 BTP (ISIN: IT0005484552), E1.75-2.00bln of the on-the-run 3-year 3.45% Jul-27 BTP (ISIN: IT0005599904), E1.00-1.25bln of the 0.90% Apr-31 BTP (ISIN: IT0005422891), E1.75-2.00bln of the on-the-run 7-year 3.45% Jul-31 BTP (ISIN: IT0005595803) and E1.50-1.75bln of the on-the-run 20-year 4.45% Sep-43 BTP (ISIN: IT0005530032).

For more on this week's issuance and a look ahead to next week's issuance see the full PDF here:

EZ240709.pdf