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

EUROZONE ISSUANCE
MNI (London)

The EU, Italy and Germany, Spain, France, Ireland have sold bonds this week for a total E33.4bln. Belgium remains to issue with an ORI facility today. We look for estimated gross nominal issuance of E33.9bln, 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).
  • On Tuesday, 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). There was no takeup in the second round.
  • Germany held a syndication on Wednesday to sell E5.0bln (E4.75bln allotted) of the new 1.30% Oct-27 Green Bobl (ISIN: DE0001030740). The transaction size was E5bln with books of E14bln.

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