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EGB supply for W/C Apr 12, 2021 (1/2)

EUROZONE ISSUANCE

The EFSF, Italy, Germany, the Netherlands, Spain, Austria and Slovakia have already issued bonds so far this week, raising E33.8bln nominal (E34.4bln cash). With Ireland due to issue a 20-year bond, we estimate gross nominal issuance of E38.3bln for the week (roughly in line with the E38.5bln last week). The week will see large redemptions totalling E29.3bln.

  • The EFSF sold E4bln of a new long 5-year 0% Jul-26 bond via syndication on Monday.
  • Italy sold E7.75bln of BTPs via auction on Tuesday (the top of the range): E4.0bln of the 0% Apr-24 BTP, E1.75bln of the 1.60% Jun-26 BTP and E2.0bln of the 0.95% Mar-37 BTP.
  • Germany held a linker auction on Tuesday with disappointing demand. E457mln was allotted of the 0.10% Apr-33 ILB with issuance volumes of E700mln.
  • The Netherlands launched a new long 15-year 0% Jul-38 DSL via DDA. E5.88bln was sold (E4-6bln target) with books of E18.037bln.
  • Spain also launched a new 15-year issue on Tuesday, the 0.85% Jul-37 Obli via syndication. E6bln was sold with books of E42bln.

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