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EGB supply for W/C 10 Jan (1/2)

EUROZONE ISSUANCE

The Netherlands, Austria, Germany and Italy are all scheduled to hold auctions next week. From auctions we look for gross nominal issuance of E15.7bln for the week.

  • The EFSF has put out an RFP so we would expect a Monday transaction there, we also look out for potential syndications either next week or the week after from Belgium, Ireland, Spain, France and Greece.
  • The Netherlands will kick off next week’s auctions on Tuesday morning with a new 4-year 0% Jan-26 DSL to be launched via conventional MTS auction for E3-5bln. We expect the top of the range to be achieved.
  • Austria will then come to the market with up to E1.495bln available across its 10/30-year RAGBs: the 0% Feb-31 RAGB and the 0% Mar-51 RAGB.
  • Germany will conclude Tuesday’s issuance with E750mln of the 0.10% Apr-33 Index-Linked Bund available.

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