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

EUROZONE ISSUANCE
  • This morning, the Netherlands will look to sell E1-2bln of the 30-year 0% Jan-52 DSL (ISIN: NL0015614579)
  • Austria is also likely to come to the market today to launch its inaugural Green RAGB via syndication. The Mar-49 Green RAGB will be on offer. We estimate a transaction size of E2-4bln.
  • Italy will also likely hold a syndication today with E5bln WNG of the new 15-year Mar-38 BTP on offer.
  • Tomorrow, Germany will look to sell E2bln of the 15-year 1.00% May-38 Bund (ISIN: DE0001102598).
  • Issuance for the week will conclude on Thursday with Italy due to sell E1.75-2.25bln of the 0% Nov-23 BTP Short Term (ISIN: IT0005482309) and E0.75-1.25bln of the 0.10% May-33 BTPei /(ISIN: IT0005482994).

NET NOMINAL FLOWS: There will be E30.6bln of redemptions this week (E29.2bln of which are a French OAT with an original maturity of five years) and coupon payments of E10.2bln (of which E9.1bln are Spanish). This leaves estimated net flows for the week at negative E17.7bln (down from positive E19.5bln last week).

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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