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

EUROZONE ISSUANCE

The EU, the Netherlands, Germany and Italy are all stil due to sell bonds this week, while Greece held an auction yesterday. We look for estimated gross nominal issuance of E24.7bln, down from the E24.2bln sold last week.

  • Greece will kicked off issuance for the week yesterday by selling E500mln of the 10-year 1.75% Jun-32 GGB (ISIN: GR0124038721) in an operation “to provide additional liquidity on this maturity point of the GGB curve.”
  • Today, the EU will look to hold its first of five syndications of H2. It will be a dual-tranche transaction for a combined size of E8bln WNG. On offer will be a new long 7-year Dec-29 NGEU bond and a tap of the 20-year 0.45% Jul-41 NGEU bond.
  • The Netherlands will hold the first of this morning's auctions with 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 this morning with E5.5bln of the 0.20% Jun-24 Schatz (ISIN: DE0001104883) on offer.

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