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EGB supply for W/C 14 June, 2021: Review

EUROZONE ISSUANCE

Issuance so far this week has already reached E26.4bln (of which E20.0bln was the launch of the NGEU bond).

  • The EU held its inaugural NGEU syndication with a big bang, raising E20bln of its new 10-year bond (against our expectations of E10-12bln). This is the upper limit of transaction sizes outlined by the EU in its legal documentation, but we expected transaction sizes to be more in line with the EU SURE. The bond saw books of E142bln, has a coupon of 0% and matures 4 July 2031.
  • Germany kicked off auctions for the week on Tuesday morning but saw another technically uncovered Schatz auction. E5bln of the 0% Jun-23 Schatz had been on offer but E4.833bln of bids was received. Note that this was the second Schatz auction in a row to be technically uncovered.
  • Finland also came to the market Tuesday, selling E1.42bln of 7/10-year RFGBs: E443mln of the 0.50% Sep-28 RFGB and E974mln of the 0.125% Sep-31 RFGB.
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