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

EUROZONE ISSUANCE

Germany and Italy are all still due to sell bonds this week, while Greece, the EU, the Netherlands and Germany have already come to the market. We look for estimated gross nominal issuance of E24.5bln, down from the E24.2bln sold last week.

  • Greece kicked off issuance for the week on Monday 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.”
  • Yesterday, the EU held its first of five syndications of H2. It sold E5bln of a new long 7-year 1.625% Dec-29 NGEU bond and tapped the 20-year 0.45% Jul-41 NGEU bond for E3bln.
  • The Netherlands held an auction yesterday to sell E1.985bln of the on-the-run 10-year 0.50% Jul-32 DSL (ISIN: NL0015000RP1), against a E1.5-2.5bln target range.
  • Germany also held an auction yesterday, selling E5.5bln of the 0.20% Jun-24 Schatz (ISIN: DE0001104883). E4.513bln was allotted.

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