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EURGBP trades back towards 0.8600


EU SURE syndication update


2023 Breakeven Inflation Reaches 3.9%


Blue put fly

EGB Supply for W/C Feb 8


Spain, the Netherlands, Germany and Italy are all scheduled to come to the market this week. We look for gross nominal issuance of E25.4bln. There is the possibility of further syndications this week.

  • Spain announced a mandate yesterday for a new 50-year Oct-71 Obli. We expect the transaction to take place today with a size of E4-8bln.
  • The Netherlands will come to the market today to sell its new 10-year DSL via Dutch Direct Auction (DDA). E4-6bln of the 0% Jul-31 DSL will be on offer. The initial guidance released yesterday is for the 0% Feb-31 Bund + 12-15bps.
  • Germany will also come to the market on Tuesday, with E1.5bln of the new 10-year index-linked Bund, the 0.10% Apr-33. This will be the first new German linker to be sold since 2015.
  • On Wednesday, Germany will return to the market to sell E4bln of the 0% Apr-26 Bobl.
  • Thursday will see Italy come to the market to sell E7.5-9.0bln of MT and LT BTPs: E2.5-3.0bln of the 0% Jan-24 BTP, E3.5-4.0bln of the 0.25% Mar-28 BTP and E1.5-2.0bln of the 1.80% Mar-41 BTP.

NET FLOWS: The only bond due to be redeemed is from the EU, a floater, with just E0.1bln of coupon payments in the week. Together with gross nominal issuance of E19.8bln, we look for net flows of E23.3bln (against E6.4bln last week).

See the MNI EGB Issuance, Redemption and Cash Flow Matrix for more.

MNI London Bureau | +44 203-865-3820 |