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EGB Supply for W/C Feb 8 (1/2)

EUROZONE ISSUANCE

We saw total gross nominal issuance this week of E25.5bln through first round operations with the Netherlands, Spain, Germany and Italy all coming to the market.

  • The Netherlands launched its new 10-year DSL via Dutch Direct Auction (DDA). It sold E5.990bln of the 0% Jul-31 DSL, the top end of its E4-6bln target range.
  • Spain sold a new 50-year Oct-71 Obli via syndication with a transaction size of E5bln nominal. This is the longest dated Obli, with the last 50-year Obli launched almost five years ago.
  • Germany also come to the market on Tuesday to launch a new bond. E1.111bln of the new 10-year index-linked Bund, the 0.10% Apr-33 ILB, allocated (issuance volumes were E1.5bln). This was the first new German linker to be sold since 2015.

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