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

EUROZONE ISSUANCE

Italy is still due to sell bonds this week while Slovakia, Belgium, the EU and Germany have already sold bonds this week. We look for estimated gross nominal issuance of E17.7bln (not including retail BTP Italia sales) down from the E37.9bln sold last week.

  • Slovakia kicked off issuance for the week on Monday selling 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). A further E13mln was sold in the non-competitive round.
  • 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).
  • On Tuesday, the EU held a syndication, selling E5bln of the new long 25-year 2.625% Feb-48 Green bond.
  • Yesterday, Germany sold E1.5bln (E1.2634bln allotted) of the 1.00% May-38 Bund (ISIN: DE0001102598).

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