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EGB Supply for W/C Jan 25

EUROZONE ISSUANCE

The Netherlands, Italy and Germany are due to hold bond auctions this week with E19.5bln expected to be raised. In addition, the EU has issued a mandate to hold a syndication for EU SURE bonds which we estimate will raise a further E14bln.

  • The Netherlands will kick off the auctions for the week this morning with E2-3bln of the 0.25% Jul-25 DSL on offer.
  • Also today, Italy looks to sell E2.5-3.0bln of the Sep-22 CTZ and E0.75-1.00bln of the 0.65% May-26 BTPEi.
  • We expect the EU to also come to the market today to sell the dual-tranche SURE bonds. A new long 7-year Jun-28 will be launched along with a re-opening of the 0.30% Nov-50.
  • Germany will come to the market tomorrow to sell E4bln of the Feb-31 Bund.
  • Italy will return to the market on Thursday to sell E7.25-8.75bln BTPs/CCTeu: E3.0-3.5bln of the 0.50% Feb-26 BTP, E3.25-3.75bln of the 0.90% Apr-31 BTP and E1.0-1.5bln of the 0.50% Apr-26 CCTeu.
CASH FLOWS: With just E0.1bln of redemptions and E0.3bln of coupon payments, we look for cash flows of E33.1bln. Last week's issuance of E30.0bln saw net flows of E22.1bln.
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