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EGB Supply For W/C May 16, 2022 (1/2)

EUROZONE ISSUANCE

The ESM, Slovakia, Germany, Finland, Spain and France are due to sell bonds next week. We look for estimated gross nominal issuance of E29.4bln, little changed from the E29.2bln sold this week.

  • The ESM is likely to hold a syndication after issuing an RFP earlier this week. We don’t have a strong view on the maturity.
  • Auctions for the week will kick off on Monday with Slovakia looking to sell 3/10/15/25-year SlovGBs. On offer will be E100mln of the 0.25% May-25 SlovGB (ISIN: SK4000017158), E138.7mln of the 1.00% May-32 SlovGB (ISIN: SK4000017166), E100mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and E100mln of the 2.00% Oct-47 SlovGB (ISIN: SK4120013400).
  • On Tuesday, Germany will come to the market to sell E6bln of the new Jun-24 Schatz (ISIN: DE0001104883).
  • Also Tuesday, Finland will look to sell up to E1.0bln of the 20-year 0.50% Apr-43 RFGB (ISIN: FI4000517677).
  • On Wednesday, Germany will return to the market to sell E1.5bln of the 30-year 0% Aug-52 Bund (ISIN: DE0001102572).
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The ESM, Slovakia, Germany, Finland, Spain and France are due to sell bonds next week. We look for estimated gross nominal issuance of E29.4bln, little changed from the E29.2bln sold this week.

  • The ESM is likely to hold a syndication after issuing an RFP earlier this week. We don’t have a strong view on the maturity.
  • Auctions for the week will kick off on Monday with Slovakia looking to sell 3/10/15/25-year SlovGBs. On offer will be E100mln of the 0.25% May-25 SlovGB (ISIN: SK4000017158), E138.7mln of the 1.00% May-32 SlovGB (ISIN: SK4000017166), E100mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and E100mln of the 2.00% Oct-47 SlovGB (ISIN: SK4120013400).
  • On Tuesday, Germany will come to the market to sell E6bln of the new Jun-24 Schatz (ISIN: DE0001104883).
  • Also Tuesday, Finland will look to sell up to E1.0bln of the 20-year 0.50% Apr-43 RFGB (ISIN: FI4000517677).
  • On Wednesday, Germany will return to the market to sell E1.5bln of the 30-year 0% Aug-52 Bund (ISIN: DE0001102572).