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EGB Supply For W/C June 20, 2022 (1/2)

EUROZONE ISSUANCE

Slovakia, Belgium, the EU, Italy and Germany are all due to sell bonds this week. We look for estimated gross nominal issuance of E17.4bln, down from the E37.9bln sold last week.

  • Slovakia will kick off issuance for the week this morning with E450mln of 3/5/8/30-year SlovGBs on offer: E100mln of the 0.25% May-25 SlovGB (ISIN: SK4000017158), E100mln of the 0.125% Jun-27 SlovGB (ISIN: SK4000017380), E150mln of the 0.75% Apr-30 SlovGB (ISIN: SK4120015173) and E100mln of the 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
  • Belgium will then look to sell E2.7-3.7bln of 7/10/30-year OLOs. On offer will be the 0.90% Jun-29 OLO (ISIN: BE0000347568), the 0.35% Jun-32 OLO (ISIN: BE0000354630) and the 1.40% Jul-53 OLO (ISIN: BE0000355645).
  • The week ahead will also see the EU will also look to hold a syndication. We don’t have a strong view on the maturity that will be on offer.
  • Italy will look to launch a new Jun-30 BTP Italia with a minimum guaranteed coupon of 1.60%, with the definite annual coupon rate communicated ahead of the institutional investor phase. Today to Wednesday will be reserved for retail investors, with institutional investors able to bid on Thursday morning.

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