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EGB supply for W/C 21 June, 2021 (1/2)


Slovakia, the Netherlands and Germany have held auctions while Spain, Slovenia and Italy have held syndications already this week. Italy is to conclude the week's issuance with a BTP-ST/BTPei auction today. We estimate this would bring total gross nominal issuance this week to E23.8bln, substantially down from E51.2bln last 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 on Tuesday, 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 on Tuesday. 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 Wednesday, maturing July 2031 with very strong demand demonstrated by books of E8.4bln for a E1bln will-not-grow transaction.

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