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EGB Supply for W/C Feb 22

EUROZONE ISSUANCE

Belgium, the Netherlands, Italy, Germany and potentially Portugal will all come to the market next week. We estimate issuance of E22.5bln, down from the E32.8bln sold this week.

  • Belgium looks to sell E1.8-2.3bln of OLOs/Green OLOs via auction on Monday. On offer will be the 0.80% Jun-25 OLO, the 0.80% Jun-28 OLO and the 1.25% Apr-33 Green OLO.
  • On Tuesday, the Netherlands looks to sell E1.5-2.5bln of the 0.50% Jan-40 Green DSL.
  • Also on Tuesday, Italy will come to the market to sell E2.0-2.5bln of the Sep-22 CTZ. Its BTPei auction has been cancelled following the syndication of the new 0.15% May-51 BTPei this week.
  • On Wednesday, Germany will re-open the 0% Feb-31 Bund with E4bln on offer.
  • Wednesday may also see Portugal sell OTs, with a formal announcement potentially later today.
  • Issuance for the week will conclude on Thursday with Italy returning to the market to sell MT and LT BTPs.
New flows: There will only be one redemption this week, E16.8bln of French OATs, originally issued as a 3-year. Coupon payments will only be minimal at E0.5bln. Combined with E22.5bln of gross nominal issuance, we look for net nominal flows of E5.2bln (down substantially from the E29.7bln this week).
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