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

EUROZONE ISSUANCE
MNI (London)
  • On Wednesday, Greece held a E1.5bln syndicated tap of the 2.00% Apr-27 GGB.
  • Germany also came to the market on Wednesday and sold E2bln (E1.704bln allotted) of the new 15-year 1.00% May-38 Bund (ISIN: DE0001102598).
  • Italy will conclude issuance for the week this morning, selling up to E8.0bln of 5/10-year BTPs and CCTeus. 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 E31.9bln (from positive E15.4bln 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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