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EGB Supply For W/C May 23, 2022

EUROZONE ISSUANCE

The EU, Belgium, the Netherlands, Germany and Italy are due to sell bonds next week. We look for estimated gross nominal issuance of E13.6bln, down from the E32.0bln sold this week.

  • The EU will kick off auctions for the week on Monday with up to E2.5bln of the 10-year 1.00% Jul-32 EU NGEU on offer (ISIN: EU000A3K4DD8).
  • Also Monday, Belgium will look to sell a combined E2.8-3.8bln of 3/10/55-year OLOs: the 0.80% Jun-25 OLO (ISIN: BE0000334434), the 0.35% Jun-32 OLO (ISIN: BE0000354630) and the 2.15% Jun-66 OLO (ISIN: BE0000340498).
  • On Tuesday, the Netherlands will look to sell E1-2bln of the 30-year 0% Jan-52 DSL (ISIN: NL0015614579)
  • On Wednesday, 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 BTP-ST and BTPei with details due Monday. We expect to see the 0% Nov-23 BTP Short Term (ISIN: IT0005482309). We have less conviction on the BTPei with the most likely candidates being the 0.65% May-26 BTPei, the 0.10% May-33 BTPei or the 0.15% May-51 BTPei.

NET NOMINAL FLOWS: There will be E30.6bln of redemptions next 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 E27.2bln (down from positive E16.8bln this 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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