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EGB Supply For W/C Jan 24, 2021

EUROZONE ISSUANCE

The EU, the Netherlands, Italy and Germany are all due to hold auctions this week. We look for E20.8bln of gross nominal issuance, down from E39.9bln last week. The only potential syndication we look for would be a French 30-year OATei (or ESM).

  • The EU will kick off issuance today by holding an auction of up to E2.5bln of the 0.40% Feb-37 Green bond.
  • Tomorrow, the Netherlands will look to sell E1-2bln of the 30-year 0% Jan-52 DSL.
  • On Wednesday Italy will look to launch the new 0% Nov-23 BTP Short Term for E3.25-3.75bln. Also on offer will be two BTPeis for a combined total of E0.75-1.00bln: the 5-year 0.65% May-26 BTPei and the 20-year 2.55% Sep41 BTPei.
  • Also Wednesday, Germany will look to reopen its 10-year Bund for E4bln.
  • Italy will return to the market Friday. We look for a reopening of the 5-year 0% Aug-26 BTP, the 10-year 0.95% Jun-32 BTP and either the Apr-29 CCTeu (or a new CCTeu). Details will be announced Tuesday.

NET NOMINAL FLOWS: The week ahead sees redemptions and coupons sum to just E0.5bln. With estimated gross nominal issuance of E20.8bln, that leaves net flows for the week at positive E20.3bln (up from positive E15.4bln this 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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