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EGB Supply For W/C Aug 22, 2022

EUROZONE ISSUANCE

Germany and Italy are both still due to sell bonds this week while the EFSF, Belgium and Finland have already sold bonds. We look for estimated gross nominal issuance of E17.0bln, up from last week’s E11.0bln sold.

  • The EFSF held a dual-tranche syndicated transaction yesterday. It launched a new long 3-year 1.50% Dec-25 bond for E4.0bln and tapped the 10-year 2.375% Jun-32 bond for E1.5bln.
  • Belgium then kicked off auction issuance for the week, selling a combined E2.0bln of 5/10-year OLOs: E780mln of the 0% Oct-27 OLO (ISIN: BE0000351602) and E1.221bln of the 0.35% Jun-32 OLO (ISIN: BE0000354630).
  • Finland held a syndication on Tuesday to launch a new 5-year 1.375% Apr-27 RFGB for E3bln, with books in excess of E10bln.
  • This morning, Germany will look to sell E4bln of the 10-year 1.70% Aug-32 Bund (ISIN: DE0001102606).
  • Italy will conclude issuance on Friday with the 1.75% May-24 BTP Short Term (ISIN: IT0005499311) on offer for E2.0-2.5bln. The BTPei auction originally scheduled simultaneously has been cancelled.

NET NOMINAL FLOWS: The only redemption of the upcoming week is an Austrian EMTN for E1.25bln due while EGB coupon payments are negligible. With estimated gross issuance of E17.0bln, MNI estimates net nominal issuance of positive E15.7bln this week, up from last week’s positive E8.5bln.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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