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EGB Supply For W/C Aug 23, 2021

EUROZONE ISSUANCE

Italy is the only country still to hold an auction this week while Germany has already held an auction, Finland a syndication and Portugal an exchange. We look for total gross nominal issue of E9.8bln for the week, down from last week's E15.1bln.

  • Germany came to the market Tuesday, allotting E2.480bln of the 7-year 0% Nov-28 Bund with issuance volumes of E3bln.
  • Finland held a E3.0bln syndication for its new 5-year 0% Sep-26 RFGB, also on Tuesday.
  • Yesterday, Portugal held an exchange auction. IGCP sold E1.025bln of the 2.125% Oct-28 OT and E336mln of the 4.10% Apr-37 OT and bought E1.080bln of the 4.95% Oct-23 OT and E281mln of the 5.65% Feb-24 OT.
  • Italy will look to sell up to E3.75bln at its auction today with E2.25-2.75bln of the 0% Jan-24 BTP Short Term and E0.75-1.00bln of the 0.65% May-26 BTPei on offer.

NET NOMINAL FLOWS: There are no notable redemptions or coupons in the upcoming week and estimated gross nominal issuance of E9.75bln, we estimate net nominal issuance of E9.75bln for the week (down from E12.6bln last week).

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

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