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EGB Supply For W/C July 11, 2022 (1/2)

EUROZONE ISSUANCE

The EU, Greece, the Netherlands, Germany and Italy are due to sell bonds next week. We look for estimated gross nominal issuance of E23.7bln, down from the E24.2bln sold this week.

  • Next week, the EU will look to hold its first of five syndications of H2. With four auctions scheduled (normally E2.5bln each) and an issuance target for NGEU of E50bln in H2, it implies an average syndication size of E8bln. However, there are also MFA and SURE funds pencilled in for H2, so the size could be larger if combined with those.
  • Greece will kick off auctions for the week on Monday with E500mln of the 1.75% Jun-32 GGB (ISIN: GR0124038721) on offer in an operation “to provide additional liquidity on this maturity point of the GGB curve.”

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