Free Trial

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

EUROZONE ISSUANCE
MNI (London)
  • This morning, Italy will come to the market to sell up to E6.5bln of 5/10-year BTPs. It will reopen the 5-year 1.10% Apr-27 BTP (ISIN: IT0005484552 ) for E2.5-3.0bln and the 10-year 0.95% Jun-32 BTP (ISIN: IT0005466013 ) for E3.0-3.5bln. As we had expected, the CCTeu auction is cancelled following the recent syndication.
  • Issuance for the week will conclude on Friday with Belgium holding an ORI facility operation for up to E500mln. Details will be confirmed on tomorrow afternoon.
NET NOMINAL FLOWS: There are two notable upcoming redemptions: a Belgian OLO originally issued as in 2006 with a 15-year maturity for E12.9bln as well as a formerly 5-year Italian BTP for E16.7bln. Coupon payments are expected to come in at E5.1bln (with E4.2bln from Finland). Together with the Portugal buyback, this would leave net estimated net flows for the week at negative E22.6bln (down from positive E31.5bln last week).

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.