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EGB Supply For W/C Sep 6, 2021: Upcoming

EUROZONE ISSUANCE

Germany and Ireland are still due to hold auctions this week while Spain, Austria and Germany issued bonds yesterday. We estimate E12.1bln of gross nominal issuance this week, substantially down from the E38.0bln sold last week.

  • Germany will return to the market this morning to launch the 0% Aug-31 Green Bund for E3.5bln.
  • Ireland will conclude issuance via auction for the week tomorrow with E1.00-1.25bln of the 10/20-year benchmark IGBs on offer: the 0% Oct-31 IGB and the 0.55% Apr-41 IGB.
  • 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. The tender offer expired yesterday with results due today.
  • Note that the EU announced details of its funding plans for the remainder of 2021 yesterday, see the highlights here.

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 E12.1bln, net nominal issuance would be negative E39.1bln (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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