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EGB Supply For W/C Aug 29, 2022 (1/2)

EUROZONE ISSUANCE

Germany, Spain, France, Ireland and Belgium are all still due to sell bonds this week while the EU and Italy have already come to the market. We look for estimated gross nominal issuance of E33.6bln, almost double last week’s E17.3bln sold.

  • The EU kicked off issuance on Monday selling E3.749bln of the 0.80% Jul-25 EU NGEU (ISIN: EU000A3K4DJ5). This was a little below the target of up to E4.0bln, but still larger than any other EU auction held to date (with the remainder having been for up to E2.5bln).
  • Yesterday, Italy sold E8.0bln of BTPs / CCteus: E3.25bln of the on-the-run 5-year 2.65% Dec-27 BTP (ISIN: IT0005500068), E1.25bln of the off-the-run 3.50% Mar-30 BTP (ISIN: IT0005024234), E2.25bln of the on-the-run 10-year 2.50% Dec-32 BTP (ISIN: IT0005494239) and E1.25bln of on-the-run the 0.75% Oct-30 CCTeu (ISIN: IT0005491250).
  • Germany announced the mandate for its new 1.30% Oct-27 Green Bobl (ISIN: DE0001030740) yesterday. We had originally expected the syndication to take place on Thursday (so that it occurred in September) but given yesterday's announcement, we think there is a good chance that the syndication takes place today. MNI pencils in a E5-6bln transaction size.
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