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

EUROZONE ISSUANCE

Ireland, Cyprus and Italy are all still scheduled to issue this week and we look for a further E12.5bln of issuance which would bring gross nominal issuance for the week to E39.5bln.

  • Ireland will come to the market today to launch a new 10-year Oct-32 IGB via syndication. Since 2019, 10-year IGB syndications have tanged in size from E4.0-6.0bln. We look for a smaller size than last year's E5.5bln syndication, looking for E4.0-5.0bln.
  • Cyprus will also look to hold a 10-year syndication today. Cyprus only held one syndication in 2021, launching a 5-year bond for E1.0bln. This was in line with the biggest single-tranche Cyprus deal, with the largest dual-tranche deals being for E1.75bln in both January 2020 and April 2020. We look for a transaction size of E1.00-1.25bln.
  • Finally today, 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 E39.5bln 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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