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EGB Supply For W/C June 6, 2022

EUROZONE ISSUANCE
MNI (London)

Spain, Austria, Germany and Portugal are due to sell bonds this week. We look for estimated gross nominal issuance of E14.8bln (excluding the Italian buyback), down from the E31.8bln sold last week.

  • Spain announced a mandate yesterday for a new 10-year Obli, maturing 31 October 2032. We look for a transaction size of E7-10bln (and pencil in E8bln as the most likely). The transaction will be held in the "near future" and we expect it to take place today.
  • Austria will kick off auctions for the week this morning with E1.38bln of 5/10-year RAGBs. On offer will be the 0.50% Apr-27 RAGB (ISIN: AT0000A1VGK0) and the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8).
  • Germany will then look to sell E700mln of ILBs: E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575) and E500mln of the 0.10% Apr-26 ILB (ISIN: DE0001030567) will be on offer.
  • Tomorrow, Italy will hold a Specialist buyback operation of up to E3.0bln. It will look to buy the 0.25% Nov-23 BTP Italia (ISIN: IT0005312142), the 0.40% Apr-24 BTP Italia (ISIN: IT0005174906) and the 1.40% May-25 BTP Italia (ISIN: IT0005410912).
  • Germany will return to the market tomorrow with E4bln of the 0% Feb-32 Bund on offer (ISIN: DE0001102580).
  • Also Wednesday, Portugal will look to sell E500-750mln of the 0.30% Oct-31 OT (ISIN: PTOTEOOE0033), concluding Eurozone issuance for the week.

NET NOMINAL FLOWS: A E15.0bln German Schatz is the only redemption due this week and there are no coupon payments due. Including the Italian buyback, this leaves estimated net flows for the week at negative E3.2bln (down from the positive 12.4bln 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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