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EGB Supply for W/C 28 June (1/2)

EUROZONE ISSUANCE

We estimate this week will see E26.3bln sold via auction from Belgium, Italy, Spain and France and pencil in a further E14bln for the second NGEU syndication, summing to total nominal gross issuance of E39.3bln for the week, up from E23.8bln last week.

  • Belgium is due to kick off issuance this morning with E3.3-3.8bln on offer: the 10-year benchmark 0% Oct-31 OLO, the 1.25% Apr-33 Green OLO and the 30-year benchmark 1.70% Jun-50 OLO.
  • The EU is likely to hold a dual-tranche long-dated transaction tomorrow, in our view, with a mandate released today. We pencil in E14bln for the transaction but it could range anywhere from E10-20bln (the former if it is a single tranche).
  • Italy will end Q2 issuance on Wednesday, looking to sell 5/9/10-year BTPs. On offer will be E2.5-3.0bln of the 0% Apr-26 BTP, E1.0-1.5bln of the 0.95% Aug-30 BTP and E1.0-1.5bln of the 0.90% Apr-31 BTP. Note that there will be no CCTeu on offer following the syndicated launch of the new long 7-year CCTeu last week.
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