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

EUROZONE ISSUANCE

Portugal, Germany and Italy are all still scheduled to issue this week and we look for a further E11.5bln of issuance which would bring gross nominal issuance for the week to E34bln.

  • We also look out for other potential syndications either this week or next week from Belgium, Ireland, and Greece. This would lead to upward pressure to our issuance forecast for the week.
  • Portugal has announced it will hold a syndication today to launch a new 20-year Apr-42 OT. MNI looks for a E2.5-4.0bln launch size.
  • Germany will return to the market this morning to sell E1.5bln of the 30-year 0% Aug-52 Bund.
  • Tomorrow, Italy will look to reopen the 3/7-year BTPs for E3.0-3.5bln each. On offer will be the 0% Dec-24 BTP and the 0.40% Feb-29 BTP. The 15+ year BTP auction has been cancelled in light of last week's syndication.

There are no notable redemptions or coupon payments in the week ahead. This leaves estimated net nominal issuance at E34.0bln for the week (with potential for higher if there are more syndications). This is up from the E6.4bln net nominal issuance seen last week.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.
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