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EGB Supply For W/C Sep 6, 2021 (2/2)

EUROZONE ISSUANCE
  • Spain has announced that it will issue its inaugural green bond with a 20-year maturity in September. This week is the earliest opportunity for the bond to be launched and we think there is a good chance Spain chooses to hold a syndicated launch ahead of this week's ECB meeting.
  • Slovenia announced that it would hold a tender offer to buy back 2.25% Mar-22 and 0.20% Mar-23 notes with the view of selling an ultra-long issue. We note that the tender offer expires Tuesday with results due Wednesday and think there is a decent chance we see an announcement Tuesday that a syndication will be held on Wednesday.

NET NOMINAL FLOWS: Redemptions this week are solely from Germany totalling E50bln with a 10-year Bund maturing on Saturday for E16bln, a Bobl maturing on Saturday for E21bln and Schatz maturing Friday for E13bln. In addition there are E1.2bln of coupons due. With gross nominal issuance of E7.3bln, net nominal issuance would be negative E43.8bln (in contrast to last week's positive E6.6bln).

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

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