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EGB Supply For W/C June 13, 2022 (1/2)

EUROZONE ISSUANCE

The Netherlands, the EFSF, Italy, Germany, Finland, Spain and France are all due to sell bonds this week. We look for estimated gross nominal issuance of E38.1bln, up from the E14.9bln sold last week.

  • The EFSF will look to hold a syndication in the "near future" (we assume today), with the new 10-year Jun-32 bond on offer. We pencil in a transaction size of E2-3bln.
  • The Netherlands will hold a DDA for E4-5bln of the 0.50% Jan-40 Green DSL (ISIN: NL0013552060). The preliminary initial spread guidance is set at the 4.75% Jul-40 DSL +34 to +38bp. We assume the top of the target range will be achieved.
  • Also this morning, Italy will look to sell up to E6.0bln of 3/7/30-year BTPs: E1.5-2.0bln of the 3-year on-the-run 1.20% Aug-25 BTP (ISIN: IT0005493298), E2.0-2.5bln of the 7-year on-the-run 2.80% Jun-29 BTP (ISIN: IT0005495731) and E1.0-1.5bln shared between 27/30-year BTPs: the off-the-run 3.85% Sep-49 BTP (ISIN: IT0005363111) and the on-the-run 2.15% Sep-52 BTP (ISIN: IT0005480980).
  • Finally this morning, Germany will look to sell E5.5bln of the 0.20% Jun-24 Schatz (ISIN: DE0001104883).
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