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

EUROZONE ISSUANCE
  • On Wednesday, 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 on Wednesday, allotting E2.13bln of the 0% May-36 Bund with E2.5bln total sold.
  • Italy concluded issuance for the week (and month) yesterday with E7.25bln of BTPs and E1.25bln of CCTeus sold: E2.75bln of the 0% Apr-26 BTP, E2.5bln of the 0.60% Aug-31 BTP, E2.0bln of the 0.90% Apr-31 BTP and E1.25bln 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 today.
  • Italy: There was also a E2.0bln Italy EMTN which matured 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 E25.9bln, we estimate net nominal flows of negative E45.0bln 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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