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EGB Supply

EUROZONE ISSUANCE

Germany will look to hold two auctions this week, while Finland is due to hold a syndication, after announcing a mandate yesterday. Overall, issuance remains light during the summer. We pencil in estimated gross issuance for the week at E9.1bln, down from E18.2bln last week.

  • Yesterday, Finland announced a mandate to launcha new 15-year April-30 EUR RFGB. We had noted over the past couple of weeks that we looked for a Finnish syndication this week. We pencil in a transaction today for E3bln WNG.
  • On Tuesday, Germany will hold a green auction. On offer will be E750mln of the 2.30% Feb-33 Green Bund (ISIN: DE000BU3Z005) and E750mln of the 0% Aug-50 Green Bund (ISIN: DE0001030724).
  • On Wednesday, Germany will return to the market to sell E4.5bln of the 10-year 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • Note that Spain has also cancelled its auction that had been due to be held on Thursday.

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

EZ240820.pdf

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