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

EUROZONE ISSUANCE

The EFSF, Italy, Germany, the Netherlands, Spain, Austria, Slovakia and Ireland have all issued bonds this week. Gross nominal issuance from first round operations was E37.4bln (roughly in line with the E38.5bln last week). The week saw 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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