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

MNI (London)

Belgium remains due to sell bonds this week for an estimated E500mln. The EU, EFSF and Italy have already come to market, issuing E12.0bln. 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 on Tuesday to buy back E431mln nominal of the 2.20% Oct-22 OT (ISIN: PTOTESOE0013).
  • Italy came to the market yesterday and sold E6.5bln (top of the target range) of 5/10-year BTPs: E3.0bln of the 5-year 1.10% Apr-27 BTP (ISIN: IT0005484552 ) and E3.5bln of the 10-year 0.95% Jun-32 BTP (ISIN: IT0005466013 ). As we had expected, the CCTeu auction was cancelled following the recent syndication.

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