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EGB Supply

EUROZONE ISSUANCE

The EFSF and Slovenia look to hold syndications while Italy, Germany, Italy, and Finland all still look to hold auctions this week; the EU held an auction yesterday. We pencil in estimated gross issuance for the week at E25.1bln, up from E10.1bln last week.

  • The EFSF sent a Request for Proposal for an upcoming transaction. We expect a syndication to be held on either today or tomorrow but don't have a strong view surrounding what will be on offer.
  • Slovenia will issue 3/5/7/10-year JPY Samurai Bonds in the upcoming week, with the four-part offering expected to price on Thursday. Books close for AXJ and Europe on Tuesday, and for Japan at 11am Tokyo time on Wednesday. Guidance was provided on Friday.
  • This morning, Italy will hold a BTP Short Term auction. On offer is E2.0-2.5bln of the 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269) which was launched in July. Note that the BTPei portion of the auction has been cancelled so only the BTP Short Term will be sold.
  • Also this morning, Germany will sell E4bln of the 2.50% Oct-29 Bobl (ISIN: DE000BU25034).

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

EZ240827.pdf

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