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EGB Supply For W/C Feb 21, 2022

MNI (London)

Slovakia, Italy and Germany have issued bonds raising a total E4.8bln nominal this week so far. Italy is scheduled to sell an estimated further E8.3bln this week, bringing total estimated gross nominal issuance to E13.0bln from announced operations, down from E38.8bln last week.

  • Slovakia kicked off issuance for the week on Monday, selling E63mln of the 0.25% May-25, E38mln of the 1.00% Oct-30 SlovGB, E99mln of the 0.375% Apr-36 and E75mln of the 2.00% Oct-47 SlovGB, raising a total E274mln of SlovGBs (versus a combined E377mln on offer).
  • Italy came to the market yesterday, selling E3.0bln (top of the target range) of the short-term 0% Nov-23 BTP. Wednesday's planned BTPei auction was cancelled due to the recent syndication.
  • Germany also came to the market yesterday and allotted E1.283bln of the 0% May-36 Bund, with issuance volumes of E1.5bln.
  • Italy will return to the market to conclude issuance for the week on Friday, issuing E3.5-4.0bln of the new 5-year 1.10% Apr-27 BTP and reopening E2.5-3.0bln of the 10-year 0.95% Jun-32 BTP and E1.0-1.25bln of the 5-year 0.50% Apr-26 CCTeu.

NET NOMINAL FLOWS: There is one notable redemption for this week: 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 E13.0bln, we estimate negative net flows of E4.3bln this week (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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