Free Trial

EGB Supply For W/C May 30, 2022 (1/2): Recap

EUROZONE ISSUANCE

Spain, France and Belgium are still to sell bonds this week, while Greece, Italy and Germany have already sold bonds. We look for estimated gross nominal issuance of E29.8bln, down from the E31.8bln sold last week.

  • Greece kicked off issuance on Monday with an extraordinary auction of 15/20-year GGBs “to provide additional liquidity”. E250mln of the 4.00% Jan-37 GGB (ISIN: GR0133011248) and E150mln of the 4.20% Jan-42 GGB (ISIN: GR0138015814) were sold.
  • On Tuesday, Italy sold on-the-run 5/10-year BTPs and the CCTeu for a combined E6.75bln, the top of the target range: E3.0bln of the 1.10% Apr-27 BTP (ISIN: IT0005484552), E2.5bln of the 2.50% Dec-32 BTP (ISIN: IT0005494239) and E1.25bln of the 0.75% Oct-30 CCTeu (ISIN: IT0005491250).
  • Germany then came to the market to conclude May issuance with E3bln (E2.463bln allotted) of the 0% Apr-27 Bobl (ISIN: DE0001141851).
  • Yesterday, Germany held a syndicated tap for the 0% Aug-50 Green Bund (ISIN: DE0001030724) in a E4bln WNG transaction.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.