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

EUROZONE ISSUANCE
MNI (London)
  • Greece will likely come to the market today for a syndicated tap of the 2.00% Apr-27 GGB. We look for a transaction size of E1.5-2.5bln.
  • Germany will also come to the market today to sell E2bln of the new 15-year May-38 Bund (ISIN: DE0001102598).
  • Italy will conclude issuance on Friday with up to E8.0bln of 5/10-year BTPs and CCTeus on offer. E2.0-2.5bln of the 5-year 1.10% Apr-27 BTP (ISIN: IT0005484552) will be on offer alongside E3.5-4.0bln of the new 10-year 2.50% Dec-32 BTP. In addition, E1.0-1.5bln of the 0.75% Oct-30 CCTeu (ISIN: IT0005491250) will be on offer.

NET NOMINAL FLOWS: There are E44.1bln of redemptions due this week. The majority of this is E42.9bln of the originally 10-year 3.00% Apr-22 OAT. The formerly 30-year 8.25% Apr-22 OAT is also due to mature with E1.0bln outstanding. Coupon payments are expected to come in at E10.8bln with the majority being Spanish (E10.6bln). This would leave estimated net flows for the week at negative E32.6bln (from positive E15.0bln last 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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