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EGB Supply for W/C Feb 1: Recap

EUROZONE ISSUANCE

The EFSF kicked off issuance on Monday, selling E2bln via syndication. On Tuesday, Germany sold E6bln via auction while Belgium, Finland and Cyprus all held syndications which raised a total of E9bln.

  • On Monday, the EFSF sold E2.0bln of the 0% Oct-27 via syndication on Monday. This completed the EFSF's funding target of E7.0bln for Q1.
  • In Tuesday's auction, Germany allotted E4.732bln of its new 0% Mar-23 Schatz with issuance volume of E6bln.
  • Belgium sold E5.0bln of its new 50-year 0.65% Jun-71 OLO via syndication (at the top end of our E3.5-5.0bln expectation).
  • Finland launched a new 30-year 0.125% Apr-52 RFGB for E3.0bln (the transaction size was set in advance as a WNG transaction).
  • Cyprus sold E1.0bln of its new 5-year benchmark 0% Feb-26 CYPRUS.

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