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

EUROZONE ISSUANCE

The EU, Germany, France, Spain, Finland, the EFSF and Slovakia sold bonds this week, with E47.6bln of gross nominal issuance this week, up from last week's E18.8bln.

  • Slovakia will kicked off issuance for the week on Monday, selling E529mln of SlovGBs (against a E500mln target): E118.5mln of the 0.25% May-25 SlovGB, E114mln of the 1.00% Oct-30 SlovGB, E167mln of the 1.00% May-32 SlovGB and E129.2mln of the 2.00% Oct-47 SlovGB.
  • The EU held a dual tranche syndication for its SURE programme on Tuesday. It sold E8.137bln of a new long 8-year 0% Jul-29 bond and E6bln of a new long 25-year 0.75% Jan-47 bond. MNI expects this transaction to have completed the bulk of the planned EU SURE funding.
  • Germany also came to the market on Tuesday, looking to sell E6bln of the new Jun-23 Schatz. The auction was technically uncovered with only E4.85bln allotted from bids of E5.47bln.
  • Germany returned to the market on Wednesday selling E4bln of the 0% Feb-31 Bund in a relatively weak auction with E3.36bln allotted.
  • The EFSF held an auction Wednesday to reopen its long 4 year 0% Oct-25 bond for just under E1bln.
  • Finland held a syndication Wednesday to launch its new 10-year 0.125% Sep-31 RFGB for E3bln.

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