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EGB Supply For W/C June 27, 2022 - Recap

EUROZONE ISSUANCE
MNI (London)

The EU, Germany and Italy issued this week for a total gross nominal issuance of E13.5bln, down from the E17.7bln (ex retail BTP Italia) sold last week.

  • The EU kicked off issuance for the week on Monday, selling E2.494bln (vs E2.5bln target) of the 4-year 0% Jul-26 EU NGEU (ISIN: EU000A3KTGV8).
  • On Tuesday, Germany launched its new 1.30% Oct-27 Bobl (ISIN: DE0001141869). E4bln was issued, with E3.235bln allotted.
  • Yesterday, Italy launched its new 5-year BTP and reopened the 10-year BTPs and 7-year CCTeu. E7.0bln (top of the target range) was issued in total: E4.0bln of the new 2.65% Dec-27 BTP (ISIN: IT0005500068), E2.0bln of the 2.50% Dec-32 BTP (ISIN: IT0005494239) and E1.0bln of the 0.65% Apr-29 CCTeu (ISIN: IT0005451361).

NET NOMINAL FLOWS: There is only a negligible redemption of E0.1bln with coupon payments of E1.1bln due this week. Together with gross nominal issuance of E13.5bln, this leaves net flows for the week at a positive E12.3bln (in line with last week’s positive E13.5bln ex BTP Italia retail).

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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