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EGB Supply for W/C Jul 19

EUROZONE ISSUANCE

Germany is the only country due to issue bonds this week with E5.5bln on offer. This sees a sharp drop from last week's E56.8bln of gross nominal issuance as we enter the summer season.

  • Germany will look to sell E4bln of the 7-year 0% Nov-28 Bund this morning.
  • Germany will then return to the market tomorrow to sell E1.5bln of the 30-year 1.25% Aug-48 Bund.

NET NOMINAL FLOWS: There are no redemptions this week and just E0.5bln of coupon payments. This leaves net nominal issuance estimated at E5.0bln for the week, versus last week's E36.2bln.

For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document here.

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