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EGB Supply

EUROZONE ISSUANCE

Germany and Italy both still look to hold auctions this week, while Belgium came to the market yesterday. We also still think there is a chance of an Italian syndication. We pencil in an estimated gross issuance for the week at E18.3bln, down from E31.9bln last week.

  • This morning, Germany will sell E5bln of the new 2.70% Sep-26 Schatz (ISIN: DE000BU22064).
  • Germany will return to the market on Wednesday to hold a 10-year Bund auction. On offer will be E5bln of the 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • On Thursday, Italy will conclude issuance for the week by holding a BTP Short Term and BTPei auction. On offer will be E3.0-3.5bln of the new 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269) - a launch we had expected this month. Alongside this will be E0.75-1.25bln of the 1.50% May-29 BTPei (ISIN: IT0005543803) and E0.75-1.00bln of the 2.55% Sep-41 BTPei (ISIN: IT0004545890).
For more on this week's issuance and a look ahead to next week's issuance see the full PDF here:

EZ240723.pdf

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