EGB Supply for W/C 28 June: Recap

E25.3bln has been sold so far this week by Belgium and Italy at auction and the EU and Latvia via syndication.

• Belgium kicked off issuance for the week on Monday, selling E3.791bln (the top of the E3.3-3.8bln target range): E1.928bln of the 10-year benchmark 0% Oct-31 OLO, E590mln of the 1.25% Apr-33 Green OLO and E1.273bln of the 30-year benchmark 1.70% Jun-50 OLO.
• The EU held a dual-tranche 5/30-year syndication for the second NGEU transaction. E9bln of the 0% Jul-26 and E6bln of the 0.70% Jul-51 bonds were sold. Demand was once again very high with books totalling E88bln and E83bln for the issues respectively.
• Italy held the last auction of Q2 on Wednesday, selling E6.0bln of 5/9/10-year BTPs: E3.0bln of the 0% Apr-26 BTP, E1.5bln of the 0.95% Aug-30 BTP and E1.5bln of the 0.90% Apr-31 BTP. Note that there was no CCTeu on offer following the syndicated launch of the new long 7-year CCTeu last week.
• Latvia issued a long 7-year 0% Jan-29 LATVIA GMTN via syndication for E500mln. Books closed in excess of E2.6bln. Latvia's funding plans show it intends to sell a further E500mln via international syndication later this year.