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

EUROZONE ISSUANCE
  • On Wednesday, Germany will return to the market with E1.5bln of the 30-year 0% Aug 50 Bund on offer.
  • Portugal will then look to sell E750mln-1.0bln of 7/10-year OTs: the 0.70% Oct-27 OT and the 10-year 0.30% Oct—41 OT.
  • Italy looks to sell MT and LT BTPs on Thursday with details to be announced Monday.
  • Ireland is also scheduled to hold a bond auction Thursday with details Monday.

NET NOMINAL FLOWS: There are a number of redemptions in this week totalling E21.2bln, the most noteworthy of which are a E5bln EFSF bond maturing on 7 June (originally issued as a 7-year) and a E14.0bln Schatz maturing on 11 June. Coupons are only E0.1bln, leaving net nominal issuance expected to come in at E1.5bln. This is similar to last week's E2.7bln but a lot lower than the E41.2bln net nominal issuance expected in the W/C 14 June.


For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document here.

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