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EGB Supply For W/C Apr 4, 2022 (1/2)

EUROZONE ISSUANCE

The EU, Slovakia, Austria, Germany, Spain and France are all due to sell bonds next week. We look for gross nominal issuance of E26.8bln, almost double the E13.8bln this week.

  • The EU will hold another syndication next week, with a longer-dated NGEU bond expected to be on offer. Note that after the 22 March syndication of E10bln for a new 10-year bond, the EU’s funding plan now has E20bln of NGEU funds to be raised over the next three syndications (including next week’s and assuming auction sizes remain at E2.5bln).
  • Slovakia has announced that due to demand from Primary Dealers, it will come to the market Monday for an extra auction of the 2.25% Jun-68 SlovGB (ISIN: SK4120014184).
  • On Tuesday, Austria will come to the market to sell E1.495bln of 10/25-year RAGBs: the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8) and the 1.50% Feb-47 RAGB (ISIN: AT0000A1K9F1).
  • Also Tuesday, Germany will look to sell linkers: E400mln of the 0.50% Apr-30 ILB (ISIN: DE0001030559) and E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575).
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The EU, Slovakia, Austria, Germany, Spain and France are all due to sell bonds next week. We look for gross nominal issuance of E26.8bln, almost double the E13.8bln this week.

  • The EU will hold another syndication next week, with a longer-dated NGEU bond expected to be on offer. Note that after the 22 March syndication of E10bln for a new 10-year bond, the EU’s funding plan now has E20bln of NGEU funds to be raised over the next three syndications (including next week’s and assuming auction sizes remain at E2.5bln).
  • Slovakia has announced that due to demand from Primary Dealers, it will come to the market Monday for an extra auction of the 2.25% Jun-68 SlovGB (ISIN: SK4120014184).
  • On Tuesday, Austria will come to the market to sell E1.495bln of 10/25-year RAGBs: the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8) and the 1.50% Feb-47 RAGB (ISIN: AT0000A1K9F1).
  • Also Tuesday, Germany will look to sell linkers: E400mln of the 0.50% Apr-30 ILB (ISIN: DE0001030559) and E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575).