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EGB supply for W/C Apr 26, 2021 (1/2)

EUROZONE ISSUANCE

The ESM, Italy, Germany, the Netherlands and potentially Portugal are all due to come to the market next week. We expect E23.5bln of nominal gross issuance, up from E37.4bln last week. There are some huge redemptions totalling E55.1bln in the upcoming week, most notably from France and Spain.

  • The ESM has issued an RFP with the intention of holding a syndicated transaction next week and we expect this on Monday. Notes that the ESM's funding target for Q2 is just E2.0bln, so we expect the transaction to be limited to this size.
  • Italy will then come to the market on Tuesday. On offer will be E3.25-3.75bln of the 0% Nov-22 BTP Short Term, E0.5-1.0bln of the 0.65% May-26 BTPei and E0.5-0.75bln of the 0.15% May-51 BTPei.
  • Also Tuesday, Germany will come to the market to launch the new Nov-28 Bund for E4bln.
  • On Wednesday, the Netherlands will look to sell E1.5-2.5bln of the 0.50% Jul-26 DSL.
  • Germany will return to the market on Wednesday, with E2.5bln of the 0% May-36 Bund on offer.
  • Portugal will potentially come to the market on Wednesday, but no details are yet to be announced regarding whether this transaction will take place. Portugal could skip this provisional auction date given the syndicated launch of the new 10-year OT earlier this month.
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