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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 this week while the EFSF has held and Spain has announced a syndication. From announced operations we look for gross nominal issuance of E31.2bln for the week.

  • The EFSF held a dual-tranche syndication yesterday, launching two new issues: E3.0bln of the 8-year 0.125% Mar-30 bond and E2.5bln of the 30-year 0.70% Jan-53 bond.
  • Spain announced that it intended to hold a syndication today to launch a new 10-year Apr-32 Obli. We expect a transaction size of E10bln.
  • The Netherlands will kick off this week’s auctions this 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 today’s issuance with E750mln of the 0.10% Apr-33 Index-Linked Bund available.

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