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

EUROZONE ISSUANCE
  • 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. Monday to today will be reserved for retail investors, with institutional investors able to bid on Thursday morning. Orders as of yesterday's close were E3.416bln.
  • This morning, Germany will look to sell E1.5bln of the 1.00% May-38 Bund (ISIN: DE0001102598).
  • On Friday, Italy will look to sell a new BTP Short Term with a 23-month maturity for E3.5-4.0bln, maturing 30 May 2024. This will be the first BTP Short Term with a non-zero coupon (1.75%). Recall that the BTP Short Term replaced the zero-coupon CTZ. As we suspected may be the case, the BTPei auction has been cancelled this month due to the BTP Italia issuance.

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 E17.7bln, this leaves estimated net flows for the week at positive E13.6bln (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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