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EGB Supply for W/C Jan 25: Upcoming

EUROZONE ISSUANCE

Germany and Italy are both due to hold auctions this week, we estimate a further E12.75bln from these. In addition, Austria, Greece and Slovenia are all set to hold syndications in the "near future", probably all today. We estimate E6-10bln from these syndications.

  • Germany will come to the market today to sell E4bln of the Feb-31 Bund.
  • Austria is due to launch a new 10-year Feb-31 RAGB. We look for a size of E3-5bln for the transaction.
  • Greece is also due to launch a new 10-year benchmark, the Jun-31 GGB. We expect a size of 2.5-4.0bln.
  • Slovenia will come to the market to launch a new 60-year Mar-81 SLOREP. We look for E0.5-1.0bln.
  • Italy will return to the market tomorrow 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: We look for total issuance this week of E40.5bln. With just E0.1bln of redemptions and E0.3bln of coupon payments, this equates to cash flows of E40.1bln. Last week's issuance of E30.0bln saw net flows of E22.1bln.
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