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EGB Supply For W/C Feb 7, 2021

EUROZONE ISSUANCE

Spain, Germany, Portugal and Italy are all still scheduled to sell bonds this week while the EU and Germany have already come to the market. We look for E23.4bln of gross nominal issuance, down from E28.6bln last week.

  • The EU kicked off the week's issuance with a dual-tranche syndication on Tuesday. It sold E2.2bln of a new short 5-year Oct-26 EFSM bond and reopened the 30-year 0.70% Jul-51 NGEU bond for E5bln.
  • Germany kicked off the week’s auctions on Tuesday allotting E412.8mln of the 0.10% Apr-26 ILB and and E176.7mln of the 0.10% Apr-46 ILB.
  • Spain will come to the market today for its second syndication of 2022 with a new 30-year Oct-52. We pencil in a transaction size of E4-6bln.
  • Germany will return to the market this morning to sell E1.50bln of the 30-year 0% Aug-50 Bund.
  • Also this morning, Portugal will look to sell E1.00-1.25bln of the 7/10-year OTs: the 2.125% Oct-28 OT and the 0.30 Oct-31 OT.
  • On Friday, Italy will come to the market to sell on-the-run 3/7/20 year BTPs: E2.5-3.0bln of the 0% Dec-24 BTP, E2.5-3.0bln of the 0.45% Feb-29 BTP and E1.25-1.75bln of the 1.80% Mar-41 BTP
    on offer.

NET NOMINAL FLOWS: The week ahead sees negligible coupons and redemptions. With estimated gross nominal issuance of E23.4bln, net flows for the week are estimated at positive E23.3bln (from negative E9.9bln last 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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