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EGB Supply For W/C Dec 6, 2021

EUROZONE ISSUANCE
MNI (London)

This week will see issuance from the Netherlands and Germany. MNI estimates gross issuance for this week at E9.0bln, down from this week’s E18.3bln.

  • The Netherlands will kick off issuance for the week tomorrow with E1.5-3.0bln of the 3-year 2.00% Jul-24 DSL on offer.
  • Germany will also come to the market tomorrow to sell E4bln of the 0% Dec-23 Schatz.
  • Germany will return to the market Wednesday, with E3bln of the 10-year 0% Aug-31 Bund on offer.

NET NOMINAL FLOWS: There is one redemption due this week, a E15.5bln German Schatz maturing on Friday. There are no coupon payments due. With gross issuance of E9.0bln, we estimate negative net flows of E6.5bln this week (close to last week’s negative net flows of E6.9bln).

For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document.

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