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This week saw issuance from Belgium, the Netherlands, Germany and Italy. MNI estimates gross issuance for the week at E10.6bln, down from last week's E16.6bln.

  • Belgium kicked off issuance for the week on Monday, selling E3.2bln of 10/20/50-year OLOs (the top of the target range): E1.531bln of the 1.00% Jun-31 OLO, E1.134bln of the 0.40% Jun-40 OLO and E535mln of the 0.65% Jun-71 OLO.
  • The Netherlands came to the market Tuesday, selling E2.1bln of the 7-year 0% Jan-29 DSL against an issuance target of E2-3bln.
  • On Wednesday, Germany allotted E980mln of the 15-year 0% May-36 Bund in a very weak auction that saw bids of just E1.08bln for an auction with an issuance size of E2bln.
  • Italy concluded issuance for the week on Thursday by selling E2.25bln of the 0% Jan-24 BTP Short Term and E1.00bln of the 0.40% May-30 BTPei (both on the run issues at the top of the target range).

NET NOMINAL FLOWS: There are no redemptions and E2.4bln of coupons this week (E1.5bln of which are French), so we look for net nominal flows for the week of positive E8.2bln vs last week's positive E15.9bln.

For a calendar of all announced EGB/EU/ESM/EFSF/gilt auctions see the MNI EZ/UK Bond Supply Calendar here.