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EGB Supply For W/C Apr 11, 2022 - Recap

EUROZONE ISSUANCE
MNI (London)

The Netherlands, Germany and Italy sold bonds this week. Gross nominal issuance was E20.0bln, down from E31.2bln last week.

  • The Netherlands kicked off issuance for the week on Tuesday selling E2.505bln (vs E1.5-2.5bln range) of the 10-year 0.50% Jul-32 DSL (ISIN: NL0015000RP1).
  • Also on Tuesday, Germany sold E5.5bln (E4.453bln allotted) of the 0% Mar-24 Schatz (ISIN: DE0001104875).
  • Yesterday, Italy sold a total of E8bln (top of the target range) of the new 3-year, on-the-run 7-year and 30-year BTPs and off-the-run 7-year and 18-year BTPs: E3.75bln of the new 1.20% Aug-25 BTP (ISIN: IT0005493298), E1.5bln of the 0.45% Feb-29 BTP (ISIN: IT0005467482), E1.0bln of the 3.00% Aug-29 BTP (ISIN: IT0005365165), E750mln of the 3.10% Mar-40 BTP (ISIN: IT0005377152) and E1.0bln of the 2.15% Sep-52 BTP (ISIN: IT0005480980).
  • Later yesterday morning, Germany returned to the market to complete eurozone issuance for the week, selling E4bln (E3.2742bln allotted) 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 E7.6bln (from positive E7.7bln 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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