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EGB Supply for W/C Feb 22: Upcoming

EUROZONE ISSUANCE

Italy is still due to return to the market today, we look for total nominal issuance of E6.2bln, the upper end of the range on offer. This would bring total nominal issuance for the week up to E16.8bln, down from the E32.8bln sold last week.

  • Issuance for the week will conclude this morning with Italy returning to the market to sell E4.5-5.0bln of the new 5-year 0% Apr-26 BTP and E0.75-1.25bln of the 0.55% Dec-23 CCTeu. Note that Italy will not hold a 10-year BTP auction this week following the syndicated launch of the 0.60% Aug-31 BTP for E10bln last week.
Net 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 E16.8bln of gross nominal issuance, we look for net nominal flows of -E0.5bln (down substantially from the +E29.7bln last week).
For more on the upcoming auction schedule see the MNI Eurozone and UK Government Bond Auction Calendar here.
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