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EGB Supply For W/C Oct 4, 2021 (1/2)

EUROZONE ISSUANCE

Austria, Germany, Spain, France and Belgium are all still due to issue bonds this week while the ESM came to the market yesterday. We look for gross nominal issuance of E24.5bln, slightly up from last week's E22.1bln.

  • The ESM came to the market yesterday and completed its 2021 funding by selling E2.0bln of its 0% Dec-24 bond via syndicated tap.
  • This morning, Austria will look to sell E1.265bln of its 4/10-year benchmark RAGBs: the 0% Apr-25 RAGB and the 0% Feb-31 RAGB.
  • Also today, Germany will look to sell up to E700mln linkers: E500mln of the 0.10% Apr-33 ILB and E200mln of the 0.10% Apr-46 ILB.
  • Germany will return to the market tomorrow to sell E4ln of the 0% Oct-26 Bobl.

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