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EGB Supply For W/C Dec 13, 2021

EUROZONE ISSUANCE
MNI (London)

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

  • Austria kicked off issuance for the week yesterday morning, allotting E700mln of the 10-year 0% Feb-31 RAGB with issuance volumes of E805mln.
  • Italy then came to the market today to launch the new 3-year BTP, the 0% Dec-24, for E3.5bln, the top of the target range. This was the last scheduled Italian auction of 2021 with the others cancelled.
  • Spain has also cancelled its auction planned for Thursday.
  • 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. Details will be announced tomorrow.

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 this week (down from last 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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