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Crude Bounces With Unexpected US Draw

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EGB Supply For W/C Aug 8, 2022

EUROZONE ISSUANCE

Austria and Germany are the only countries due to sell bonds next week. We look for estimated gross nominal issuance of E8.7bln, down from this week’s E13.2bln sold.

  • Austria will kick off issuance for the week on Tuesday with a combined E1.150bln of the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8) and the 3.15% Jun-44 RAGB (ISIN: AT0000A0VRQ6) on offer.
  • Also Tuesday, Germany will look to sell E6bln of the new Sep-24 Schatz (ISIN: DE0001104891). The coupon will be confirmed on Monday.
  • Germany will return to the market to sell E1.5bln of the 1.25% Aug-48 Bund (ISIN: DE0001102432).

NET NOMINAL FLOWS: There are no redemptions and only negligible coupons in the week ahead. With estimated gross issuance of E8.7bln, MNI estimates net nominal issuance of positive E8.6 bln next week, versus this week’s negative E22.1bln.

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Austria and Germany are the only countries due to sell bonds next week. We look for estimated gross nominal issuance of E8.7bln, down from this week’s E13.2bln sold.

  • Austria will kick off issuance for the week on Tuesday with a combined E1.150bln of the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8) and the 3.15% Jun-44 RAGB (ISIN: AT0000A0VRQ6) on offer.
  • Also Tuesday, Germany will look to sell E6bln of the new Sep-24 Schatz (ISIN: DE0001104891). The coupon will be confirmed on Monday.
  • Germany will return to the market to sell E1.5bln of the 1.25% Aug-48 Bund (ISIN: DE0001102432).

NET NOMINAL FLOWS: There are no redemptions and only negligible coupons in the week ahead. With estimated gross issuance of E8.7bln, MNI estimates net nominal issuance of positive E8.6 bln next week, versus this week’s negative E22.1bln.

Keep reading...Show less