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EGB Supply for the rest of the week

EUROZONE ISSUANCE
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Germany, Spain and Italy are all still due to hold auctions this week while the EU, the Netherlands, Austria and Germany (linkers) have already held auctions this week. We have also seen syndications from the EFSF, Belgium, Italy and Latvia. We pencil in gross nominal issuance at first round operations of E49.1bln for these deals.

  • This morning, Germany will look to launch its new 10-year 2.30% Feb-33 Bund (ISIN: DE000BU2Z007) for E5bln via auction. This is the first 10-year Bund to see a coupon exceed 2% in a decade.
  • Tomorrow, Spain will look to sell E5.5-6.5bln of nominal Bonos/Oblis launch its new 3-year 2.80% May-26 Bono (ISIN: ES0000012L29). Also on offer will be the 7-year 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 23-year 2.90% Oct-46 Obli (ISIN: ES00000128C6). Also on offer will be E250-750mln of the 10-year 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12).
  • Finally tomorrow, Italy is due to hold its mid-month auction. In line with our expectations, it will reopen the 3-year 3.50% Jan-26 BTP (ISIN: IT0005514473) for E3.0-3.5bln and the 7-year 3.85% Dec-29 BTP (ISIN: IT0005519787) for E3.0-3.5bln. The 15-50-year part of the auction will not be held due to the 20-year BTP syndication this week.
For more on this week's issuance see the PDF here:

EZ230111.pdf

209 words

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Germany, Spain and Italy are all still due to hold auctions this week while the EU, the Netherlands, Austria and Germany (linkers) have already held auctions this week. We have also seen syndications from the EFSF, Belgium, Italy and Latvia. We pencil in gross nominal issuance at first round operations of E49.1bln for these deals.

  • This morning, Germany will look to launch its new 10-year 2.30% Feb-33 Bund (ISIN: DE000BU2Z007) for E5bln via auction. This is the first 10-year Bund to see a coupon exceed 2% in a decade.
  • Tomorrow, Spain will look to sell E5.5-6.5bln of nominal Bonos/Oblis launch its new 3-year 2.80% May-26 Bono (ISIN: ES0000012L29). Also on offer will be the 7-year 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 23-year 2.90% Oct-46 Obli (ISIN: ES00000128C6). Also on offer will be E250-750mln of the 10-year 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12).
  • Finally tomorrow, Italy is due to hold its mid-month auction. In line with our expectations, it will reopen the 3-year 3.50% Jan-26 BTP (ISIN: IT0005514473) for E3.0-3.5bln and the 7-year 3.85% Dec-29 BTP (ISIN: IT0005519787) for E3.0-3.5bln. The 15-50-year part of the auction will not be held due to the 20-year BTP syndication this week.
For more on this week's issuance see the PDF here:

EZ230111.pdf