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EGB Supply For W/C May 23, 2022 (1/2): Recap

EUROZONE ISSUANCE

Austria, Italy, the Netherlands, Germany and Italy are all still due to sell bonds this week for a further estimated E16.3bln. Greece, the EU and Belgium sold bonds yesterday for E6.8bln. We look for estimated gross nominal issuance of E23.1bln, down from the E34.7bln sold last week.

  • Greece kicked off issuance for the week yesterday, selling E500mln of the 3.90% Jan-33 GGB (ISIN: GR0128015725) via auction.
  • The EU then sold E2.498bln of the 10-year 1.00% Jul-32 EU NGEU (ISIN: EU000A3K4DD8).
  • Also yesterday, Belgium sold a combined E3.807bln of 3/10/55-year OLOs (top of the target range): E1.258bln of the 0.80% Jun-25 OLO (ISIN: BE0000334434), E1.757bln of the 0.35% Jun-32 OLO (ISIN: BE0000354630) and E792mln of the 2.15% Jun-66 OLO (ISIN: BE0000340498).

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