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EGB Supply For W/C Nov 8, 2021 (1/2)

EUROZONE ISSUANCE

This week will see issuance from the Netherlands, Germany, Portugal, Italy and Ireland. MNI estimates gross issuance for the week at E18.6bln (excluding the retail only BTP Futura), down from last week's E20.0bln.

  • The Netherlands kicked off issuance for the week Tuesday morning with the first reopening of the 0% Jan-38 DSL via auction, after its syndicated launch in April. E1.835bln was sold from a E1.5-2.5bln target range.
  • Also Tuesday morning, Germany launched a new Schatz which matures in Dec-23 and has a coupon of 0%. E4.777bln was allotted from an issuance volume of E6bln.
  • Italy will launch its fifth BTP Futura this week to retail only clients with a 12-year maturity (Nov-33). Books opened Monday and close lunchtime Friday (with the potential to close from Wednesday onwards if demand is high). As of yesterday's close, books totalled E1.97bln through the first two days: E957.8mln on day 1 and E1,008.7mln on day 2. This is less than the E2.28bln raised in the first day for the 16-year issue that was sold in April).

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