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EGB Supply For W/C Dec 13, 2021

EUROZONE ISSUANCE

Austria, Italy and Belgium are all due to issue bonds next week. MNI estimates gross issuance for next week at E4.8bln, down from this week’s E9.7bln.

  • Austria will kick off issuance for the week on Tuesday with E805mln of the 10-year 0% Feb-31 RAGB on offer.
  • Italy will come to the market on Tuesday to launch the new 3-year BTP, the 0% Dec-24, for E3.0-3.5bln. There will be no accompanying 7-year BTP or long-term BTP issued due to the “large cash balance.” Also note that “taking into account the amount of cash availability and the low funding needs” the MEF has announced that the scheduled BTP Short Term and BOT auction of 29 December will be cancelled as will the medium-long auction scheduled for 30 December.
  • Spain has announced that its auction planned for Thursday has been cancelled.
  • Belgium will conclude issuance for the week (and indeed conclude EGB issuance for 2021) with up to E500mln of off-the-run OLOs available through its ORI facility on Friday.

NET NOMINAL FLOWS: There are E15.5bln of redemptions for the week ahead, with the highlight being a former 7-year BTP with E14.9bln outstanding while coupon payments total E0.4bln. With gross issuance of E4.8bln, we estimate negative net flows of E11.1bln next week (down from this week’s negative net flows of E5.9bln).

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

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