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


The EU, Germany, Finland, Italy, Spain and France have all issued bonds this week with a total of E50.6bln in gross nominal issuance (of which E20.0bln was the launch of the NGEU bond). This is up from last week's E36.3bln.

  • 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.
  • Italy sold E1.48bln of off-the-run 8-year BTPs via a Specialist tap operation on Wednesday: E504mln of the 3.00% Aug-29 BTP and E971mln of the 5.25% Nov-29 BTP.

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