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EGB Supply For W/C Mar 7, 2022

EUROZONE ISSUANCE
MNI (London)

The Netherlands, Austria, Germany, Portugal, Ireland and Italy are all scheduled to sell bonds this week. We look for E13.3bln of gross nominal issuance, down from E23.6bln last week.

  • The Netherlands will kick off issuance for the week this morning with E1.5-2.5bln of the 7-year 0.25% Jul-29 DSL on offer.
  • Austria will then look to sell a combined E1.38bln of 4/10-year RAGBs. On offer will be the 1.20% Oct-25 RAGB and the 0% Feb-31 RAGB.
  • Germany will conclude today’s issuance with E250mln of the 0.50% Apr-30 ILB and E500mln of the 0.10% Apr-33 ILB on offer.
  • Tomorrow, Portugal will look to sell E0.75-1.00bln of OTs with the 4.125% Apr-27 OT and 2.25% Apr-34 OT on offer.
  • Ireland will come to the market on Thursday to reopen a combined E1.0bln of 10/15-year IGBs. On offer will be the 0.35% Oct-32 IGB and 1.70% May-37 IGB.
  • Italy will conclude Eurozone issuance for the week on Friday and is due to announce the details of its issuance later today. We expect reopenings of the 3-year 0% Dec-24 BTP, the 7-year 0.45% Feb-29 BTP and a 15-50-year BTP to be on offer.

NET NOMINAL FLOWS: The week ahead sees a single E14.0bln Schatz redemption on Friday while coupon payments total just E0.1bln. With estimated gross nominal issuance of E13.3bln, net flows for the week are estimated at negative E0.8bln (following negative flows of E6.6bln last week).


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

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