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EUROZONE ISSUANCE

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

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W/C 20 June, 2022

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

EUROZONE ISSUANCE
  • Italy is selling its new Jun-30 BTP Italia this week. The retail phase has completed, attracting E7.261bln of orders, while the institutional phase will take place this morning between 9:00-11:00BST / 10:00-12:00CET. The minimum guaranteed coupon is 1.60%, with the definite annual coupon rate to be communicated ahead of the institutional investor phase this morning. The ISIN for the institutional phase will be IT0005497000.
  • Tomorrow, 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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  • Italy is selling its new Jun-30 BTP Italia this week. The retail phase has completed, attracting E7.261bln of orders, while the institutional phase will take place this morning between 9:00-11:00BST / 10:00-12:00CET. The minimum guaranteed coupon is 1.60%, with the definite annual coupon rate to be communicated ahead of the institutional investor phase this morning. The ISIN for the institutional phase will be IT0005497000.
  • Tomorrow, 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.