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EGB Supply for W/C Jul 12: Recap

EUROZONE ISSUANCE

The EU, Netherlands, Italy, Germany and Portugal have already issued bonds this week with a total of E36.6bln sold.

  • The EU held a dual-tranche syndicated transaction on Tuesday for a total of E15.25bln WNG . The fourth NGEU bond (final before the summer break) was launched, a 20-year issue with E10bln sold. Alongside this was a E5.25bln WNG EFSM/MFA 10-year issue.
  • Auctions for the week kicked off Tuesday morning with the Netherlands selling E2.415bln of the 3.75% Jan-42 DSL against a target of E1.5-2.5bln.
  • Italy launched a new 3-year BTP as it sold E9.0bln of 3/7/15-year BTPs: E4.5bln of the new 0% Aug-24 BTP, E2.75bln of the 0.50% Jul-28 BTP and E1.75bln of the 0.95% Mar-37 BTP.
  • Concluding Tuesday morning's auctions, Germany allotted E3.999bln of the 0% Jun-23 Schatz. The auction had a volume of E5bln but was again technically uncovered (the second Schatz auction in a row to be).
  • In addition, Portugal held a buyback operation on Tuesday for its 5.125% Oct-24 USD notes, buying back USD1.124bln of the USD4.5bln outstanding prior to the operation.
  • Germany returned to the market Wednesday, allotting E3.392bln of the 10-year 0% Aug-31 Bund with issuance volumes of E4bln.
  • Also Wednesday, Portugal sold E914mln of 10/15-year OTs against a E0.75-1.00bln target: E622mln of the 0.475% Oct-30 OT and E292mln of the 4.10% Apr-37 OT.
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