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EGB Supply For W/C Feb 21, 2022 - Updated

EUROZONE ISSUANCE
MNI (London)

Slovakia, Italy and Germany are all scheduled to sell bonds next week. We look for E12.6bln of gross nominal issuance from announced operations, down from E38.7bln this week.

  • Slovakia will kick off issuance for the week on Monday with a total E380mln of SLovGB on offer; E100mln of each of the 0.25% May-25, 0.375% Apr-36 and 2.00% Oct-47 SlovGB and E77.2mln of the 1.00% Oct-30 SlovGB.
  • Italy will come to the market on Wednesday to reopen E2.5-3.0bln of the short-term 0% Nov-23 BTP. The planned BTPei for Wednesday was cancelled this evening due to the recent syndication.
  • Germany will also come to the market on Wednesday with E1.5bln of the 0% May-36 Bund on offer.
  • Italy will return to the market to conclude issuance for the week on Friday, reopening the 5-year BTP, 10-year BTP, CCTeu with details to be announced on Tuesday.

NET NOMINAL FLOWS: There is one notable redemption for the week ahead: E16.7bln of the French 0% Feb-22 OAT which was originally launched with a 3-year maturity. Coupon payments total E0.6bln. With gross issuance of E12.6bln, we estimate negative net flows of E4.7bln in the week ahead (down from last week’s positive net flows of E32.5bln).


For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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