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EGB Supply For W/C July 4, 2022 (1/2): Recap

EUROZONE ISSUANCE

Spain and France are still due to sell bonds this week while Austria, Germany and Portugal have already held auctions. We look for estimated gross nominal issuance of E23.6bln, up from the E16.3bln sold last week.

  • Austria kicked off issuance Tuesday morning selling E747.5mln (E650mln allotted) of each of the 0% Oct-28 RAGB (ISIN: AT0000A2VB47) and the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8).
  • Germany also came to the market Tuesday to reopen E500mln (E416mln allotted) of the 0.10% Apr-33 ILB (ISIN: DE0001030583).
  • Yesterday, Germany returned to the market to issue E5bln (E4.009bln allotted) of the new 1.70% Aug-32 Bund (ISIN: DE0001102606).
  • Portugal held an exchange auction yesterday. It sold E531mln of the 2.125% Oct-28 OT (ISIN: PTOTEVOE0018) and E232mln of the 0.90% Oct-35 OT (ISIN: PTOTENOE0034) and bought back E538mln of the 4.95% Oct-23 OT (ISIN: PTOTEAOE0021) and E225mln of the 5.65% Feb-24 OT (ISIN: PTOTEQOE0015).

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