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EGB Supply For W/C Mar 28, 2022 (1/2)

EUROZONE ISSUANCE
MNI (London)

Italy and Belgium are both due to sell bonds this week for an estimated E7.0bln. The EU and EFSF have already come to market, issuing E5.5bln. We look for gross nominal issuance of E12.5bln, down from E35.2bln last week.

  • The EU kicked off issuance for the week on Monday, reopening E2.498bln of the 7-year 0% Oct-28 EU NGEU bond (ISIN: EU000A3KWCF4) via auction.
  • The EFSF held a syndication on Tuesday to launch its new 0.875% Sep-28 bond (ISIN: EU000A2SCAB4 ) for E3bln (in the middle of the E2-4bln range we had expected.
  • Portugal held a reverse auction to buy back E431mln nominal of the 2.20% Oct-22 OT (ISIN: PTOTESOE0013 )

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