MNI: US NOV FINAL MANUF PMI 49.7 (FLASH 48.8); OCT 48.5

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: US OCT CONSTRUCT SPENDING +0.4%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGB Supply for W/C Jul 12 (1/2)

EUROZONE ISSUANCE

We upcoming week will see heavy issuance. We estimate E38.6bln nominal will be sold via auction with the third NGEU syndication also due to be held. Issuance will comfortably exceed this week's E16.3bln.

  • The third NGEU syndication (final before the summer break) will take place probably on Tuesday next week with a mandate likely release Monday (an RFP for the week has already been issued). Our base case would be for a 15/20-year issue in a single tranche transaction (matching the pattern of issuance for SURE with a dual/dual/single sequence for the first three transactions). However, we also would not be surprised by a dual-tranche transaction, possibly of 3/7-year bonds alongside a 15/20-year issue. We pencil in a range from E8-15bln for the transaction.
  • Auctions for the week will kick off on Tuesday with the Netherlands looking to sell E1.5-2.5bln of the 3.75% Jan-42 DSL.
  • Tuesday will also see Italy launch a new 3-year BTP as it looks to sell up to E9.0bln of 3/7/15-year BTPs: E4.0-4.5bln of the new 0% Aug-24 BTP, E2.25-2.75bln of the 0.50% Jul-28 BTP and E1.25-1.75bln of the 0.95% Mar-37 BTP.
  • Concluding Tuesday's auctions, Germany will look to sell E5bln of the 0% Jun-23 Schatz.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.