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EGB supply for W/C May 17, 2021 (1/2)

EUROZONE ISSUANCE

The EU, Slovakia, Germany, Spain and France are all due to come to the market this week. We estimate gross net issuance of E38.3bln, up from last week's E18.8bln.

  • The EU has issued an RFP for a transaction this week. We expect a mandate to be released today with the transaction taking place tomorrow. In its latest investor presentation, the EU noted that it intended to issue a total E13-15bln more for the SURE programme and that funding would be complete by mid-2021.
  • Slovakia will kick off issuance for the week this morning with E500mln of SlovGBs on offer: E100mln of the 0.25% May-25 SlovGB, E100mln of the 1.00% Oct-30 SlovGB, E150mln of the 1.00% May-32 SlovGB and E150mln of the 2.00% Oct-47 SlovGB.
  • Germany will come to the market tomorrow looking to sell E6bln of the new Jun-23 Schatz.
  • Germany will return on Wednesday to sell E4bln of the 0% Feb-31 Bund.

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