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EGB Supply

EUROZONE ISSUANCE

Italy is scheduled to hold an auction on Thursday, while Belgium and Germany have already come to the market this week. The probability of an Italian syndication this week now seems remote (but is not out of the question for next week). We pencil in an estimated gross issuance for the week at E18.3bln, down from E31.9bln last week.

  • Today, 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:

EZ240725.pdf

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