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EGB supply for W/C 21 June, 2021: Recap

EUROZONE ISSUANCE

Slovakia, the Netherlands and Germany have held auctions while Spain and Slovenia have held a syndication already this week. A total of E14.0bln nominal (E15.2bln in cash terms) has been raised so far this week.

  • Slovakia kicked off issuance for the week on Monday selling E561mln of SlovGBs (just over the E550mln target): E124mln of the 0% Jun-24 SlovGB, E78mln of the 1.00% Jun-28 SlovGB, E214.5mln of the 1.00% May-32 SlovGB and E144mln of the 2.00% Oct-47 SlovGB.
  • The Netherlands came to the market yesterday, selling E1.96bln of the 4.00% Jan-37 DSL, close to the top of the E1-2bln target range.
  • Spain held a syndicated launch of a new 10-year Obli, the 0.50% Oct-31 Obli. The size of the transaction was set at E8bln (a little smaller than we expected) but demand was strong with books in excess of E74bln.
  • Slovenia held a syndication to launch its inaugural Sustainability bond yesterday, maturing July 2031 with very strong demand demonstrated by books of E8.4bln for a E1bln will-not-grow transaction.
  • Also yesterday, Germany reopened the 15-year 0% May-36 Bund, allotting E2.06bln with a transaction size of E2.5bln in what was a more successful transaction than the last technically uncovered 15-year auction.

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