EGB Supply

Austria and Slovenia look to hold syndications while Italy and Finland both still look to hold auctions this week. The EFSF has already held a syndication and the EU, Italy and Germany have already held auctions. We pencil in estimated gross issuance for the week at E31.4bln, up from E10.1bln last week.

• Slovenia has already opened books for a dual-tranche 3/5-year JPY Samurai issue (the originally planned 7/10-year bonds are not being issued). Pricing for both the 3-year Sep-27 and 5-year Sep-29 JPY Samurai bonds is expected on Thursday. Books closed for AXJ and Europe on Tuesday, and for Japan at 11am Tokyo time on Wednesday.
• Austria, announced a mandate for a new 5-year 20-Oct-29 RAGB and possible tap of the long 60-year 1.50% Nov-86 RAGB (AT0000A1PEF7). MNI expect the transaction to take place on Wednesday and pencil in E4-5bln for the new 5-year (and E1.0-1.5bln for the 60-year).
• On Thursday, Italy will return to the market to hold a 5/10-year BTP and CCTeu auction, including the launch of a new 5-year BTP. On offer will be E4.0-4.5bln of the new 5-year 3.00% Oct-29 BTP (ISIN: IT0005611055), E2.75-3.25bln of the 10-year 3.85% Feb-35 BTP (ISIN: IT0005607970) and E1.0-1.5bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467).
• Finally, on Thursday, Finland will look to hold an ORI operation to sell up to E0.4bln of RFGBs.

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

EZ240828.pdf