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EGB Supply For W/C Aug 23, 2021

EUROZONE ISSUANCE

Germany and Italy have held auctions this week, 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.
  • On Wednesday, 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 concluded EGB issuance for the week, selling E3.75bln: E2.75bln of the 0% Jan-24 BTP Short Term and E1.00bln of the 0.65% May-26 BTPei.

NET NOMINAL FLOWS: There are no notable redemptions or coupons this 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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