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EGB Supply For W/C Sept 5, 2022 - Upcoming

EUROZONE ISSUANCE
MNI (London)

Austria and Germany are the only countries scheduled to sell bonds next week. We look for estimated gross nominal issuance of E3.8bln, down from this week’s E33.9bln. However, given the low issuance expected in the upcoming week and the end of summer trading, we expect there is a good chance of additional syndications in the upcoming week.

  • Austria will kick off issuance for the week on Tuesday with a combined E1.725bln of 3/10-year RAGBs. On offer will be the 0% Apr-25 RAGB (ISIN: AT0000A2QRW0) and the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8).
  • Germany will also come to the market on Tuesday to sell 600mln of 5/25-year ILBs: E400mln of the 0.10% Apr-26 ILB (ISIN: DE0001030567) and E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575).
  • Issuance for the week will conclude on Wednesday with Germany reopening E1.5bln of the 15-year 1.00% May-38 Bund (ISIN: DE0001102598).

NET NOMINAL FLOWS: The upcoming week will see redemptions of E24.5bln from Germany and the EFSF – E20.5bln of a formerly 10-year Bund and E4.0bln of a formerly 10-year EFSF bond. There will also be E0.7bln of coupon payments due. With estimated gross issuance of E3.8bln, MNI estimates net nominal issuance of negative E21.3bln next week, down from this week’s positive E5.9bln.

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

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