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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 this week. We look for estimated gross nominal issuance of E8.7bln, down from last week’s E13.2bln sold.

  • Austria will kick off issuance for the week tomorrow 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 tomorrow, Germany will look to sell E6bln of the new Sep-24 Schatz (ISIN: DE0001104891). The coupon will be confirmed this morning.
  • 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 E8.6bln this week, versus last week’s negative E22.1bln.

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

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