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

EUROZONE ISSUANCE

Germany, Finland, Spain and France are all still due to sell bonds this week for an estimated E27.0bln. The ESM and Slovakia sold bonds yesterday for a combined E2.5bln. We look for estimated total gross nominal issuance this week of E29.5bln, little changed from the E29.2bln sold last week.

  • The ESM held a syndication yesterday to launch the new 5-year 1.00% Jun-27 bond. The transaction was sized at E2.0bln WNG and saw books in excess of E12.7bln.
  • Auctions for the week will kicked off yesterday with Slovakia selling E480mln of 3/10/15/25-year SlovGBs: E68mln of the 0.25% May-25 SlovGB (ISIN: SK4000017158), E138.7mln of the 1.00% May-32 SlovGB (ISIN: SK4000017166), E129mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and E144mln of the 2.00% Oct-47 SlovGB (ISIN: SK4120013400).
  • This morning, Germany will come to the market to sell E6bln of the new 0.20% Jun-24 Schatz (ISIN: DE0001104883).
  • Also today, Finland will look to sell up to E1.0bln of the 20-year 0.50% Apr-43 RFGB (ISIN: FI4000517677).
  • Tomorrow, Germany will return to the market to sell E1.5bln of the 30-year 0% Aug-52 Bund (ISIN: DE0001102572).

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