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EGB Supply For W/C Aug 23, 2021

EUROZONE ISSUANCE

Germany and Italy are likely the only EGB issuers this week. We pencil in total gross nominal issue of E7.0bln for the week, down from last week's E15.1bln.

  • Germany will come to the market Tuesday to issue E3bln of the 7-year 0% Nov-28 Bund.
  • Italy has a BTP Short Term / BTPei auction scheduled for Thursday, with details due to be confirmed Monday.

NET NOMINAL FLOWS: There are no notable redemptions or coupons in the upcoming week and estimated gross nominal issuance of E7.0bln, we estimate net nominal issuance of E7.0bln for the week (down from E12.6bln this week).

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

For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document here.

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