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

EUROZONE ISSUANCE
  • Tomorrow, the Netherlands will offer E1.5-2.5bln of the on-the-run 10-year 0.50% Jul-32 DSL (ISIN: NL0015000RP1) on offer.
  • Germany will also look to issue tomorrow with E5.5bln of the 0.20% Jun-24 Schatz (ISIN: DE0001104883) on offer.
  • On Wednesday, Italy will look to sell up to E7.0bln of on-the-run 3/7/15-year BTPs. On offer will be E2.75-3.25bln of the 3-year 1.20% Aug-25 BTP (ISIN: IT0005493298), E2.0-2.5bln of the 7-year 2.80% Jun-29 BTP (ISIN: IT0005495731) and E1.00-1.25bln of the 15-year 3.25% Mar-38 BTP (ISIN: IT0005496770).
  • Germany will return to the market on Wednesday to reopen the 0% Aug-52 Bund (ISIN: DE0001102572) for E1.5bln.

NET NOMINAL FLOWS: The week ahead sees redemptions of E28.7bln – largely from a E13.4bln 3-year BTP and E15.3bln from a formerly 10-year DSL. In addition there are E2.6bln of coupon payments due (of which Portugal has E1.4bln and Belgium has E0.6nln). Together with estimated gross issuance of E24.7bln, MNI estimates net nominal issuance of negative E6.7bln next week, a little closer to neutral than last week’s negative E9.1bln.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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