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EGB Supply For W/C Sep 6, 2021 (1/2)

EUROZONE ISSUANCE

Austria, Germany and Ireland will all hold auctions this week, Spain will hold a syndication while there are also possible syndications from Slovenia, Slovakia, Italy or Luxembourg . There will also be focus on the EU investor call tomorrow. Taking into account just confirmed auctions and the Spanish syndication, we look for E12.1bln of gross nominal issuance this week, substantially down from the E38.0bln sold last week.

  • Austria will kick off issuance for the week this morning with E1.61bln of 10/16-year RAGBs on offer: the 0% Feb-31 and the 4.15% Mar-37 RAGB.
  • Germany will also hold a linker auction this morning with E500mln nominal of the 0.50% Apr-30 ILB and E200mln nominal of the 0.10% Apr-46 ILB on offer.
  • Spain has announced that it will issue its inaugural Green Obli with a 20-year maturity in the "near future". We expect the transaction to take place today. The bond will have a maturity of 30 July 2042 and we look for a E5-6bln issue size.

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