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EGB supply for W/C Apr 19, 2021 (1/2)

EUROZONE ISSUANCE

Germany, Finland, Spain and France are all due to hold auctions this week. The EU is holding a syndication while Slovakia has already issued. We look for nominal gross issuance of E33.4bln in first round operations, down from last week's E37.4bln (E38.9bln including second rounds last week). In addition, Italy will launch a new 16-year BTP Futura to retail clients only (so we do not include that in our total but the running book total is at E2.28bln).

  • Slovakia kicked off issuance yesterday today with E458mln of SlovGBs: E145mln of the 0% Jun-24 SlovGB, E61.4mln of the 3.625% Jan-29 SlovGB, E142mln of the 1.00% Oct-30 SlovGB and E110mln of the 2.00% Oct-47 SlovGB.
  • The EU will issue E4.75bln via syndication in the "near future" (likely today) for its EFSM programme. It will issue a new Apr-36 bond to roll a loan to Portugal that matures on 4 June.
  • This morning, Germany will look to sell E5bln of the 0% Mar-23 Schatz.
  • Also today, Finland looks to sell E1.0bln of the 20-year 0.25% Sep-40 RFGB.
  • On Wednesday, Germany will return to the market to sell E4bln of the 0% Feb-31 Bund.
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