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

EUROZONE ISSUANCE

The ESM, Italy, Germany and the Netherlands are all due to come to the market this week. We expect E24.5bln of nominal gross EUR issuance, down from E37.4bln last week. And a further USD4.5-7.0bln from Italy's Global bond sale. There are some huge redemptions totalling E55.1bln in the upcoming week, most notably from France and Spain.

  • The ESM completed its Q2 funding needs yesterday, issuing E2.0bln of a new long 10-year 0.01% Oct-31 bond. Order books were in excess of E12bln.
  • Italy will look to hold a syndicated launch of a new dual-tranche USD offering. We expect a size of $2.5-4.0bln for the 3-year May-24 bond (IPTs at MS+60bps) and $2.0-3.0bln for the 30-year May-51 bond (IPTs at MS+200bps).
  • Italy will also come to the market today to sell BTP Short Term/BTPei. 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.
  • This morning will also see Germany will launch the new 7-year Nov-28 Bund, with E4bln on offer.
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