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EGB Supply For W/C Jan 17, 2021 (1/2)

EUROZONE ISSUANCE

Slovakia, Italy, Germany, Finland, Spain and France are all due to hold auctions this week while Belgium has announced a syndication. We look for E31.5bln gross nominal issuance, down from E39.2bln last week. There could also be further potential syndications from Austria, Greece and France.

  • Slovakia kicked off issuance yesterday selling E429mln 3/10/15/25-year SlovGBs: E75mln of the 0% Jun-24 SlovGB, E107mln of the 1.00% May-32 SlovGB, E173mln of the 0.375% Apr-36 SlovGB and E74mln of the 2.00% Oct-47 SlovGB.
  • Today, Belgium is likely to come to the market after announcing a mandate for a syndication. A 10-year Jun-32 OLO is due to be launched. MNI looks for a E6.0bln transaction size.
  • Italy will hold a specialist tap this morning with up to E1.75bln combined on offer of the 10-year 0.95% Dec-31 BTP and the off-the-run 15-year 2.25% Sep-36 BTP.
  • This morning, Germany will look to launch the new 0% Apr-27 Bobl for E4bln.
  • Also this morning, Finland looks to sell up to E1.0bln of its 5-year 0% Sep-26 RFGB.

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