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EGB Supply for W/C Jul 26

EUROZONE ISSUANCE

Belgium, Italy and Germany are the only countries scheduled to issue EGBs in the upcoming week. We estimate total gross nominal issuance of E16.4bln for the week, up from E5.5bln this week.

  • Belgium will kick off issuance for the week with E2.6-3.1bln of 10/13/20-year OLOs on offer: the 1.00% Jun-31 OLO, the 3.00% Jun-34 OLO and the 0.40% Jun-40 OLO.
  • Italy will come to the market on Tuesday to launch a new BTP Short Term, maturing January 2024 and with a coupon of 0%. E3.25-3.75bln will be on offer. Note that the accompanying BTPei auction has been cancelled due to the funding position of the Italian Treasury.
  • Germany will re-open the 15-year 0% May-36 Bund on Wednesday for E2.5bln.
  • Italy will return to the market on Thursday, selling MT/LT BTPs with details to be announced Monday.
NET NOMINAL FLOWS: There are E30.0bln of redemptions due (E8.0bln of a French OATi that was originally issued in 2012 and E22.0bln of a Spanish Bono, originally issued as a 5-year). In addition there are E8.8bln of coupon payments (of which E8.4bln come from Spain). Together with estimated gross nominal issuance of E16.4bln, this would leave net flows at minus E22.4bln (i.e. a flow back to the market), compared to this week's positive E5.0bln.
For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.
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