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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 have sold bonds this week. We look for total estimated gross nominal issuance of E37.9bln, up from the E14.9bln sold last week. Italy also bought back E3.0bln of BTPs.

  • The EFSF held a syndication on Tuesday to launch the new 10-year 2.375% Jun-32 bond with a transaction size of E2bln.
  • The Netherlands held a DDA for E4.982bln (top of the target range) of the 0.50% Jan-40 Green DSL (ISIN: NL0013552060).
  • Also Tuesday, Italy sold E6.0bln of 3/7/27/30-year BTPs (top of the target range): E2.0bln of the 3-year on-the-run 1.20% Aug-25 BTP (ISIN: IT0005493298), E2.5bln of the 7-year on-the-run 2.80% Jun-29 BTP (ISIN: IT0005495731), E748mln of the 27-year off-the-run 3.85% Sep-49 BTP (ISIN: IT0005363111) and E752mln of the 30-year on-the-run 2.15% Sep-52 BTP (ISIN: IT0005480980). The full amount was taken up in the second round (E1.2bln in total across the issues).
  • Finally Tuesday, Germany sold E5.5bln (E4.518bln allotted) of the 0.20% Jun-24 Schatz (ISIN: DE0001104883).
  • On Wednesday, Finland sold E666mln of the 20-year 0.50% Apr-43 RFGB, against a target of up to E1.0bln.
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The Netherlands, the EFSF, Italy, Germany, Finland, Spain and France have sold bonds this week. We look for total estimated gross nominal issuance of E37.9bln, up from the E14.9bln sold last week. Italy also bought back E3.0bln of BTPs.

  • The EFSF held a syndication on Tuesday to launch the new 10-year 2.375% Jun-32 bond with a transaction size of E2bln.
  • The Netherlands held a DDA for E4.982bln (top of the target range) of the 0.50% Jan-40 Green DSL (ISIN: NL0013552060).
  • Also Tuesday, Italy sold E6.0bln of 3/7/27/30-year BTPs (top of the target range): E2.0bln of the 3-year on-the-run 1.20% Aug-25 BTP (ISIN: IT0005493298), E2.5bln of the 7-year on-the-run 2.80% Jun-29 BTP (ISIN: IT0005495731), E748mln of the 27-year off-the-run 3.85% Sep-49 BTP (ISIN: IT0005363111) and E752mln of the 30-year on-the-run 2.15% Sep-52 BTP (ISIN: IT0005480980). The full amount was taken up in the second round (E1.2bln in total across the issues).
  • Finally Tuesday, Germany sold E5.5bln (E4.518bln allotted) of the 0.20% Jun-24 Schatz (ISIN: DE0001104883).
  • On Wednesday, Finland sold E666mln of the 20-year 0.50% Apr-43 RFGB, against a target of up to E1.0bln.