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EGB Supply For W/C Oct 18, 2021 (1/2)

EUROZONE ISSUANCE

Italy, Germany, Spain and France are all still due to sell bonds this week while Slovakia and Finland have held auctions already. We estimate gross nominal issuance for the week at E23.6bln, down from last week's E29.7bln.

  • Slovakia kicked off issuance for the week on Monday morning selling E324mln of 3/9/15-year SlovGBs. E144mln of the 0% Jun-24 SlovGB, E76mln of the 1.00% Oct-30 SlovGB and E104mln of the 0.375% Apr-36 SlovGB.
  • Finland sold E941mln of the 10-year 0.125% Sep-31 RFGB on Tuesday, against a target of E1bln.
  • This morning, Germany will reopen the 0% Aug-31 Green Bund for E3bln.
  • Italy will also look to sell Green BTPs with the 1.50% Apr-45 available via a syndicated tap. The transaction size is E5bln and is expected to take place in the "near future" (we expect today).

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