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EGB supply for W/C Mar 22, 2021 (1/2)

EUROZONE ISSUANCE

The EU through its SURE programme is due to hold a syndication this week while the Netherlands, Germany and Italy are all due to hold auctions in addition to yesterday's Belgian auction. We estimate nominal gross issuance of E27.5bln this week, down from a total of E37.6bln issued this week.

  • Belgium sold E3.0bln of 5/10/20y OLOs yesterday, at the top of its target range: E627mln of the 1.00% Jun-26 OLO, E1.485bln of the 0% Oct-31 OLO and E890mln of the 0.40% Jun-40 OLO.
  • The EU is to hold a transaction for its SURE programme with a dual-tranche 5/25-year transaction mandated. We expect the transaction to take place today with E13bln likely to be sold. We expect books to open around 7:50-8:00GMT, close at 9:30GMT with pricing somewhere between 15:25-16:25GMT.
  • The Netherlands will also come to the market today, looking to sell E1.5-2.5bln of the 2.50% Jan-33 DSL.
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