EGB Supply For W/C Mar 7, 2022

The Netherlands, Austria, Germany and Portugal have sold E5.2bln of bonds this week. Ireland and Italy are all still scheduled to sell bonds, for an estimated further E8.8bln. We look for E14.0bln of gross nominal issuance, down from E27.3bln last week.

• The Netherlands kicked off issuance for the week on Tuesday, selling E2.095bln (versus E1.5-2.5bln target range) of the 7-year 0.25% Jul-29 DSL.
• Austria then sold a combined E1.38bln of 4/10-year RAGBs: E805mln (E700mln allotted) of the 1.20% Oct-25 RAGB and E575 (E500mln allotted) of the 0% Feb-31 RAGB.
• Germany concluded Tuesday's issuance, selling E350mln (E334mln allotted) of the 0.50% Apr-30 ILB and E400mln (E212mln allotted) of the 0.10% Apr-33 ILB.
• Yesterday, Portugal sold a total of E1.0bln OTs (top of the E0.75-1.00bln range): E500mln of each of the 4.125% Apr-27 OT and the 2.25% Apr-34 OT.
• Ireland will come to the market today 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 tomorrow with E6.25-7.75bln of on-the-run BTPs: E2.5-2.75bln of the 3-year 0% Dec-24 BTP, E2.5-3.0bln of the 7-year 0.45% Feb-29 BTP and E1.25-2.0bln of the 15-year 0.95% Mar-37 BTP will 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 E14.0bln, net flows for the week are estimated at negative E0.1bln (following negative flows of E2.9bln last week).

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