EGB Supply

Germany, Greece, Spain and France all still look to hold auctions this week and Italy a buyback, whilst the EU and Germany have already held an auction this week. We pencil in an estimated gross issuance for the week at E30.2bln, up from E27.0bln last week.

• Today, Greece will look to sell E250mln of the 3.875% Mar-29 GGB (ISIN: GR0124035693).
• Germany will return to the market today to hold a 30-year Bund auction. On offer will be E1bln of each the 0% Aug-52 Bund (ISIN: DE0001102572) and the 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
• Italy will look to hold a buyback today for up to E4.0bln, with the following bonds being considered for purchase: the 2.50% Dec-24 BTP (ISIN: IT0005045270), the 1.50% Jun-25 BTP (ISIN: IT0005090318), the 1.20% Aug-25 BTP (ISIN: IT0005493298), the 0.50% Feb-26 BTP (ISIN: IT0005419848) and the 1.40% May-25 BTP Italia (ISIN: IT0005410912).

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

EZ240717.pdf