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

EUROZONE ISSUANCE
  • Yesterday, the Netherlands sold E2.35bln of the 0.50% Jul-26 DSL against a E1.5-2.5bln target.
  • Germany held another relatively weak 15-year Bund auction yesterday, allotting E2.13bln of the 0% May-36 Bund with E2.5bln total sold.
  • Italy will conclude issuance for the week (and month) this morning with up to E7.25bln of BTPs and E1.25bln of CCTeus on offer: E2.25-2.75bln of the 0% Apr-26 BTP, E2.0-2.5bln of the 0.60% Aug-31 BTP, E1.5-2.0bln of the 0.90% Apr-31 BTP and E0.75-1.25bln of the 0.50% Apr-26 CCTeu.

REDEMPTIONS: Total of E55.1bln:

  • France: E29.1bln of the 3.75% Apr-21 OAT was due on 25 April – the OAT was originally issued as a 15-year issue.
  • Spain: E24.0bln of the 5.50% Apr-21 Obli (originally 10-year) is due to mature on Friday.
  • Italy: There is also a E2.0bln Italy EMTN due to mature on 28 April.

NET NOMINAL FLOWS: With E55.1bln of redemptions scheduled for the upcoming week and with chunky coupon payments of E15.8bln and gross nominal issuance of E24.9bln, we estimate net nominal flows of negative E46.0bln this week, last week saw a E37.4bln positive issuance.

For details on upcoming auctions see the MNI EZ/UK Bond Supply Calendar here.

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