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

EUROZONE ISSUANCE

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

  • Slovakia kicked off issuance for the week yesterday selling morning with E480mln of 3/5/8/30-year SlovGBs: E115mln of the 0.25% May-25 SlovGB (ISIN: SK4000017158), E70mln of the 0.125% Jun-27 SlovGB (ISIN: SK4000017380), E245mln of the 0.75% Apr-30 SlovGB (ISIN: SK4120015173) and E50mln of the 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
  • Belgium then sold E3.701bln of 7/10/30-year OLOs, the top of the target range: E1.092bln of the 0.90% Jun-29 OLO (ISIN: BE0000347568), E1.073bln of the 0.35% Jun-32 OLO (ISIN: BE0000354630) and E1.536bln of the 1.40% Jul-53 OLO (ISIN: BE0000355645).
  • Italy opened the book for its 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. Orders as of yesterday's close were E3.416bln.

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