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EGB Supply For W/C Apr 25, 2022 (1/2)

EUROZONE ISSUANCE
MNI (London)

The EU, Belgium, Germany, Greece and Italy have sold bonds this week for E13.6bln. Italy will look to return to the market for an estimated further E8.0bln. We look for gross nominal issuance of E22.3bln, down from E24.7bln last week.

  • The EU kicked off issuance for the week on Monday, selling E2.499bln of the 0.40% Feb-37 Green EU (ISIN: EU000A3K4C42).
  • Belgium then sold a combined E3.814bln (top of the target range) of the benchmark 10/30-year OLOs and a 6-year OLO: E1.372bln of the the 0.80% Jun-27 OLO (ISIN: BE0000341504), E1.542bln of the 0.35% Jun-32 OLO (ISIN: BE0000354630) and E900mln of the 1.40% Jul-53 OLO (ISIN: BE0000355645).
  • On Tuesday, Italy sold a combined E3.75bln (top of target range) of the on-the-run BTP Short Term and 5-year BTPei: E2.75bln of the 0% Nov-23 BTP Short Term (ISIN: IT0005482309) and E1.00bln of the 0.65% May-26 BTPei (ISIN: IT0005415416). A further E0.7bln was sold in the second round (E550mln of the BTP-ST and E150mln of the BTPei - the maximum amounts).

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