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EGB Supply for W/C Feb 1 (1/2)


Germany, Spain, France will all sell via auctions this week. Belgium, Finland and Cyprus all have upcoming syndications (expected today) while the EFSF sold via syndication yesterday. Belgium could also potentially sell again via its ORI operation on Friday. We estimate total gross issuance of E33.2bln from the operations announced so far.

  • Germany will come to the market on Tuesday selling E6bln of the new Mar-23 Schatz via auction.
  • Belgium will launch a new 50-year Jun-71 OLO via syndication. We expect a size of E3.5-5.0bln nominal.
  • Finland will launch a new 30-year RFGB maturing 15 April 2052. This has a size of E3bln WNG already set.
  • Cyprus will sell a new 5-year benchmark. We expect a size of E0.75-1.50bln.

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