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EGB Supply For W/C May 9, 2022 (1/2) - Recap

EUROZONE ISSUANCE

The Netherlands, Austria, Germany, Portugal and the EU have sold bonds this week for E20.6bln. Italy and Ireland are still due to sell bonds this week for a further E8.0bln. In total, we look for estimated gross nominal issuance of E28.6bln, up from E19.4bln last week.

  • The Netherlands kicked off auction issuance for the week on Tuesday, selling E2.515bln (vs E2-3bln range) of the 0% Jan-26 DSL (ISIN: NL0015000QL2).
  • Austria sold a combined E1.38bln of on-the-run 7/10-year RAGBs: E690mln of the 0% Oct-28 RAGB (ISIN: AT0000A2VB47) and E690mln of the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8). E600mln of each were allotted.
  • Germany concluded Tuesday's issuance, selling E3bln (E2.414bln allotted) of the 0% Apr-27 Bobl (ISIN: DE0001141851).
  • The EU held a syndication yesterday selling E6.0bln of the new 3-year 0.80% Jul-25 EU NGEU (ISIN: EU000A3K4DJ5) and reopening the 30-year 0.70% Jul-51 EU NGEU (ISIN: EU000A3KTGW6) for E3.0bln.
  • Germany returned to the market yesterday allotting E3.23bln of the 10-year 0% Feb-32 Bund (ISIN: DE0001102580) with issuance volumes of E4.0bln.
  • Portugal also held an OT auction yesterday, selling E750mln of the 0.475% Oct-30 OT (ISIN: PTOTELOE0028), the top of the target range.

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