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EGB supply for W/C 7 June, 2021 (1/2)

EUROZONE ISSUANCE

The EFSF, the Netherlands, Austria, Germany, Portugal and Italy are all due to issue bond next week. We look for issuance from first round operations of E22.7bln, a little lower than this week's E25.1bln.

  • The EFSF has sent an RFP with regards to a syndicated issue next week. We expect the transaction to take place on Monday (as is typical for the EFSF/ESM) and to have a transaction size of E2.0bln. This would complete the EFSF's funding schedule for Q2.
  • The Netherlands will come to the market Tuesday morning to sell E1.5-2.5bln of the 10-year 0% Jul-31 DSL.
  • Austria then will look to sell E1.38bln of the 4-year 0% Apr-25 RAGB and the 10-year 0% Feb-31 RAGB.
  • Also Tuesday, Germany looks to sell E4bln of the 7-year 0% Nov-28 Bund.

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