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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.
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Free AccessEGB Supply For W/C June 20, 2022 (2/2)
- Today the EU will hold a syndication for a new long 25-year green bond maturing February 2048. MNI expects a transaction size of around E5bln.
- Tomorrow, Germany will look to sell E1.5bln of the 1.00% May-38 Bund (ISIN: DE0001102598).
- On Friday, Italy will look to sell BTP Short Term/BTPei. The MEF made no mention of a new BTP Short-Term in its Q2 issuance guidance, but we note that the on-the-run 0% Nov-23 BTP Short Term now has E15bln outstanding and is therefore a similar size to the previous two BTP Short Terms before they were replaced with a new benchmark. We therefore think there is around a 50% chance that we see a new BTP Short Term issued (with a new issue in July if not). For the BTPei auction, given we have the 8-year BTP Italia shortly beforehand, we think there is a chance the MEF skips the auction this month, or alternatively issues a long-term BTPei. Details will be announced tomorrow.
NET NOMINAL FLOWS: There is only a negligible redemption of E0.1bln with coupon payments of E4.0bln due (of which E3.3bln are Finnish). Together with estimated gross nominal issuance of E17.4bln, this leaves estimated net flows for the week at positive E13.3bln (down from the positive E20.3bln last week).
For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.
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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.