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EGB Supply For W/C Feb 28, 2022

EUROZONE ISSUANCE
MNI (London)

The EU, Germany, Spain and France are all scheduled to sell bonds this week. We look for E20.0bln of gross nominal issuance, up from E13.7bln last week.

  • The EU will kick off issuance for the week today (and conclude February issuance) with up to E2.5bln of the 0% Jul-26 NGEU-Bond on offer.
  • Germany will come to the market on Wednesday to sell E1.5bln of the 0% Aug-30 10-year Green Bund.
  • On Thursday, Spain will look to sell the 3-year 0% May-25 Bono, the new 7-year 0.80% Jul-29 Obli, the originally 15-year 0.70% Nov-33 Obli-Ei and the 20-year 1.00% Jul-42 Green Obli. Issuance volumes will be confirmed later today.
  • Also Thursday, France will sell E8.5-10bln of LT OATs; the 10-year 0% May-32 OAT, the 3.25% May-45 OAT and the 30-year 0.75% May-53 OAT.
  • We note that Germany has a syndicated reopening of the 30-year 0% Aug-52 Bund scheduled for March which could come as soon as this week, although given geopolitical events this may be held off for later in the month.

NET NOMINAL FLOWS: This week sees one redemption: a former 10-year BTP (5.00% Mar-22) with E20.6bln outstanding. There are also E9.6bln of coupon payments due, of which E8.1bln are Italian and E1.2bln are French. With estimated gross nominal issuance of E20.0bln, we estimate negative net flows of E10.2bln for this week (down from negative E3.7bln last week).


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