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EGB Supply for W/C Jul 19

EUROZONE ISSUANCE

Germany is the only country due to issue bonds and has so far issued E4.0bln of the E5.5bln on offer. This sees a sharp drop from last week's E56.8bln of gross nominal issuance of EGB/EU as we enter the summer season.

  • Germany held a strong 7-year 0% Nov-28 Bund auction on Tuesday. E3.349bln was allotted with issuance volumes of E4.0bln.
  • Germany will then return to the market this morning 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 full calendar of all scheduled supply operations see the MNI Eurozone/UK Bond Auction Calendar here.

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