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EGB Supply For W/C Feb 14, 2021 (1/2)

EUROZONE ISSUANCE
MNI (London)

Belgium, the Netherlands, Germany, the ESM and Slovenia have all sold bonds this week, for a total of E21.7bln in first round operations and Italy has conducted a buyback of E3.25bln. Spain and France still scheduled to sell bonds this week. We look for E38.8bln of gross nominal issuance from announced operations, up from E25.4bln last week.

  • On Tuesday, the Netherlands launched the new 10-year 0.50% Jul-32 DSL via DDA, issuing E5.956bln, the top of the target range.
  • Belgium held a syndication on Tuesday, launching its new 30-year 1.40% Jun-53 OLO via syndication for E5.0bln.
  • Germany held an auction Tuesday, allotting E3.247bln of the 0% Apr-27 Bobl, with issuance volumes of E4.0bln.
  • The ESM held a E2.0bln syndicated tap of the 0% Dec-26 ESM yesterday, with book sizes of E37.0bln.
  • Slovenia held a dual-tranche syndicated tap of the 2.25% Mar-32 and 0.4875% Oct-50 SLOREPs yesterday, with issuance volumes of E350mln and E400mln respectively.
  • Germany returned to the market yesterday and allotted a further E3.3bln of the 0% Feb-32 10-year Bund, with issuance volumes of E4.0bln.
  • Also Wednesday, Italy held a buyback of the 1.45% Sep-22 and 5.50% Nov-22 BTP, buying E775mln and E840mln respectively as well as E1.0bln of the 0% Sep-22 CTZ and E615mln of the 0% Dec-22 CCTeu.

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