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EGB Supply For W/C June 6, 2022

EUROZONE ISSUANCE

Germany and Portugal are both still due to sell bonds this week for a further E4.75bln while Spain, Austria and Germany sold bonds yesterday for a combined E10.1bln. We look for estimated gross nominal issuance of E14.8bln (excluding the Italian buyback), down from the E31.8bln sold last week.

  • Spain held a syndication yesterday to launch a new 10-year 2.55% Oct-32 Obli with books in excess of E40bln.
  • Austria kicked off auctions for the week selling E1.38bln (E1.20bln allotted) of 5/10-year RAGBs, E690mln (E600mln) of each of the 0.50% Apr-27 RAGB (ISIN: AT0000A1VGK0) and the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8).
  • Germany then sold E700mln (E586mln allotted) of ILBs: E500mln (E419mln allotted) of the 0.10% Apr-26 ILB (ISIN: DE0001030567) and E200mln (E167mln allotted) of the 0.10% Apr-46 ILB (ISIN: DE0001030575).
  • This morning, 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 today with E4bln of the 0% Feb-32 Bund on offer (ISIN: DE0001102580).
  • Also this morning, 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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