EGB Supply For W/C Mar 21, 2022 - Upcoming

Slovakia, Belgium, the EU, the Netherlands, Germany, and Italy are due to bonds this week. We look for an estimated E24.7bln of gross nominal issuance, down from E27.6bln last week.

• The EU will be holding an EU-bond syndication this week with NGEU and SURE bonds likely on offer.
• Slovakia will kick off issuance for the week this morning, with E290mln of SlovGBs on offer: E100mln of the 0% Jun-24 SlovGB (ISIN: SK4000017398), E39.2mln of the 1.00% Oct-30 SlovGB ( ISIN: SK4000017059 ), E100mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and E50mln of the 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
• Belgium will also sell bonds this morning, reopening a combined E2.3-3.1bln of the 0.90% Jun-29 OLO (ISIN: BE0000347568), 0.35% Jun-32 OLO ( ISIN: BE0000354630 ) and 0.40% Jun-40 OLO ISIN: BE0000350596).
• Tomorrow, the Netherlands will come to the market with E1.5-2.5bln of the 0.75% Jul-28 DSL (ISIN: NL0012818504) on offer.
• Germany will also come to the market tomorrow morning to sell E4.0bln of the 0% Apr-27 Bobl (ISIN: DE0001141851).
• Italy will conclude Eurozone bond issuance for the week on Friday. Auction details will be announced tomorrow afternoon but we would expect a reopening of the 0% Jan-24 BTP Short Term alongside a BTPei.

NET NOMINAL FLOWS: The week ahead sees redemptions from Latvia, Lithuania, Luxembourg and Slovenia totalling E2.9bln, and coupons payments of E0.8bln. With estimated gross nominal issuance of E24.7bln, net flows for this week are estimated at positive E21.0bln (following negative flows of positive E15.9bln last week).

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