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

EUROZONE ISSUANCE
MNI (London)

Belgium will conclude EGB issuance for this week, with Greece, Italy, Germany, France and Spain having already sold bonds. We look for estimated gross nominal issuance of E30.3bln, 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).
  • On Wednesday, Germany held a syndicated tap for the 0% Aug-50 Green Bund (ISIN: DE0001030724) in a E4bln WNG transaction.

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