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EGB supply for W/C 14 June, 2021 (1/2)

EUROZONE ISSUANCE

Issuance volumes this week ahead will largely depend on the size of the inaugural NGEU issue (we pencil in E14bln). On top of this we see Germany, Finland, Spain and France holding auctions for an estimated E29.0bln. Overall, therefore, we look for E40.0bln of net nominal issuance this week, up from E35.7bln last week.

  • The EU has issued a mandate for its inaugural NGEU syndication, with the transaction set to take place today. It will look to sell a 10-year bond. We note that although technically syndications under NGEU have a legal limit of E20bln, we would not expect a transaction that large and instead look for E10-12bln.
  • Germany will kick off auctions for the week this morning with E5bln of the 0% Jun-23 Schatz on offer. Note that the last Schatz auction on 18 May was technically uncovered (but was a larger auction at E6bln.
  • Finland will also come to the market today, looking to sell up to E1.5bln of 7/10-year RFGBs: E500mln of the 0.50% Sep-28 RFGB and E1bln of the 0.125% Sep-31 RFGB.
  • Tomorrow, Germany will return to the market to launch the new Aug-31 Bund, with a 0% coupon expected and E5bln on offer.
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