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EGB Supply For W/C Apr 11, 2022

EUROZONE ISSUANCE

The Netherlands, Germany and Italy are due to sell bonds next week. We look for gross nominal issuance of E18.7bln, down from E30.7bln this week.

  • The Netherlands will kick off issuance for the week on Tuesday morning with E1.5-2.5bln of the 10-year 0.50% Jul-32 DSL (ISIN: NL0015000RP1) on offer.
  • Also on Tuesday, Germany will look to sell E5.5bln of the 0% Mar-24 Schatz (ISIN: DE0001104875).
  • On Wednesday, Italy will come to the market (with details to be announced later today). We expect the 0% Dec-24 BRP will be reopened (ISIN: IT0005474330) alongside a 15-50-year BTP. We also look for a new 7-year Jun-29 BTP to be launched.
  • Also on Wednesday, Germany will return to the market to sell E4bln of the 10-year 0% Feb-32 Bund (ISIN: DE0001102580).

NET NOMINAL FLOWS: Redemptions for the week will total E24.0bln with the most notable being a formerly 7-year BTP to mature on Friday for E17.8bln, a 5-year RFGB for E5.2bln also Friday and a floating PGB on Tuesday. Coupon payments are expected to come in at E3.6bln, of which E1.7bln are German and E0.9bln Portuguese. This would leave estimated net flows for the week at negative E8.9bln (from positive E7.2bln this week).

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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