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EGB Supply For W/C May 9, 2022 (2/2)

EUROZONE ISSUANCE
MNI (London)
  • Tomorrow, Germany will return to the market with E4bln of the 10-year 0% Feb-32 Bund (ISIN: DE0001102580) on offer.
  • Portugal will hold an OT auction on Wednesday, with E500-750mln of the 0.475% Oct-30 OT (ISIN: PTOTELOE0028) on offer.
  • Italy will then sell up to E6.75bln of 3/7/25-year BTPs on Thursday: E1.5-2.0bln of the 1.20% Aug-25 BTP (ISIN: IT0005493298), E3.25-3.75bln of the new 7-year BTP (ISIN TBA) and E0.75-1.00bln of the 3.45% Mar-48 BTP (ISIN: IT0005273013) will be on offer.
  • Ireland will also come to the market on Thursday, concluding Eurozone issuance for the week. On offer will be a combined E1.00-1.25bln of the 0.35% Oct-32 IGB (ISIN: IE00BMD03L28) and the 2.00% Feb-45 IGB (ISIN: IE00BV8C9186).

NET NOMINAL FLOWS: There are no redemptions due this week and only negligible coupon payments. This leaves estimated net flows for the week at positive E26.8bln (up from negative E10.4bln 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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