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EGB Supply for W/C Feb 15 (1/2)

EUROZONE ISSUANCE

Slovakia, Italy, Germany, Spain and France have all issued EGBs this week, selling a combined total of E32.8bln nominal.

  • Slovakia on Monday sold E465.5mln of SlovGBs against a target of E527.4mln: E151mln of the 0% Jun-24 SlovGB, E66mln of the 3.625% Jan-29 SlovGB, E182mln of the 1.00% Oct-30 SlovGB and E66.5mln of the 2.00% Oct-47 SlovGB.
  • Italy held a dual-tranche syndication on Tuesday, launching a new 10-year BTP and a new 30-year BTPei. E10bln of the 10-year 0.60% Aug-31 BTP was sold (in line with our expectation) with books of E68.5bln and yield of 0.604%. E4bln of the 30-year 0.15% May-51 BTPei was sold (in line with our E4-6bln estimate) with books of E16.8bln and a real yield of 0.177%.
  • Wednesday saw Germany allot E1.23bln of the 1.25% Aug-48 Bund, with an issuance volume of E1.5bln. This was the first German 30y supply at a positive yield since the June syndication of the 0% Aug-50 Bund.

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