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Issuance volumes in the week ahead will be relatively subdued (although there is the chance of syndications). Slovakia, the Netherlands, Germany and Italy are all due to hold auctions and potentially Portugal (although unlikely). We look for E11.1bln of net nominal issuance next week, substantially down from E50.6bln this week.

  • Slovakia will kick off issuance for the week on Monday with just over E550mln of SlovGBs on offer: E100mln of the 0% Jun-24 SlovGB, E153.5mln of the 1.00% Jun-28 SlovGB, E150mln of the 1.00% May-32 SlovGB and E150mln of the 2.00% Oct-47 SlovGB.
  • The Netherlands will come to the market Tuesday with E1-2bln of the 4.00% Jan-37 DSL on offer.
  • On Wednesday, Germany will reopen the 15-year 0% May-36 Bund for E2.5bln.
  • Portugal could also hold an auction Wednesday, but we think this is unlikely.
  • Italy will round off issuance for the week on Friday with BTP Short Term and BTPei on offer. Details will be announced on Tuesday.

NET NOMINAL FLOWS: There are no redemptions in the upcoming week with E4.0bln of coupons (of which E3.1bln are Belgian). With gross nominal issuance of E11.1bln, we look for net nominal flows of E7.1bln, down substantially from the E49.5bln this week. Issuance is set to pick up again in the W/C 28 June with the launch of the second NGEU bond (we see issuance for that week at north of E40bln).

For more details see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.