Free Trial

EGB Supply For W/C July 25, 2022

EUROZONE ISSUANCE

Italy, Germany and the EU are due to sell bonds this week. We look for estimated gross nominal issuance of E16.5bln, down form last week’s E30.8bln sold.

  • Italy kicked off issuance for the week on Tuesday selling E2.5bln (with a further E179mln in the second round) of the 1.75% May-24 BTP Short Term (ISIN: IT0005499311) and E750mln of the 0.10% May-33 BTPei (ISIN: IT0005482994) and E500mln of the 2.55% Sep-41 BTPei (ISIN: IT0004545890).
  • Germany came to the market on Wednesday to sell E4bln of the 1.70% Aug-32 Bund (ISIN: DE0001102606).
  • Yesterday, Italy returned to the market to sell 5/10-year BTPs and CCTeus: E2.75bln of the on-the-run the 5-year 2.65% Dec-27 BTP (ISIN: IT0005500068), E1.50bln of the off-the-run 0.95% Jun-32 BTP (ISIN: IT0005466013), E2.00bln of the on-the-run 2.50% Dec-32 BTP (ISIN: IT0005494239) and E1.25bln of the on-the-run Oct-30 CCTeu (ISIN: IT0005491250).
  • In addition, the EU has stated that it would look to raise E1.035bln via private placement for its MFA programme this week.

NET NOMINAL FLOWS: The week ahead sees the redemption of a France OATei originally issued as a long 10-year in 2010 for E24.8bln. In addition there are E6.5bln of coupon payments due – of which E6.1bln are French. Together with estimated gross issuance of E16.5bln, MNI estimates net nominal issuance of negative E14.8bln this week, versus last week’s positive E30.4bln.

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.