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EGB Supply For W/C Jan 24, 2021: Recap

EUROZONE ISSUANCE

The EU, France, the Netherlands, Germany, Italy and Finland have issued E19.4bln so far this week.

  • The EU kicked off issuance Monday by selling E2.499bln of the 0.40% Feb-37 Green bond at auction.
  • On Tuesday, France launched its new 30-year 0.10% Jul-53 OATei via syndication for E3bln.
  • Also Tuesday, the Netherlands sold E1.985bln of the 30-year 0% Jan-52 DSL at auction, the top of the target range.
  • Finland came to the market Wednesday to launch a new long 20-year 0.50% Apr-43 RFGB via syndication for E3bln.
  • Wednesday morning saw Italy launch the new 0% Nov-23 BTP Short Term for E3.75bln (no take-up in non-competitive) as well as reopen two off-the-run BTPeis for a combined total of E1.00bln plus the full E150mln in the non-competitive tranche: E591mln of the 5-year 0.65% May-26 BTPei (E89mln extra in non-competitive) and E409mln of the 20-year 2.55% Sep41 BTPei (E61mln extra in non-competitve).
  • Also Wednesday, Germany reopened its 10-year Bund, allotting E3.344bln with issuance volumes of E4bln.

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