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EGB Supply For W/C Oct 3, 2022 (1/2)

EUROZONE ISSUANCE

The EFSF, Austria, Germany, Spain and France will all look to issue bonds in the upcoming week. We look for estimated gross nominal issuance of E23.4bln from announced operations, little changed from this week’s E23.6bln.

  • The EFSF has issued an RFP and we expect the transaction in the upcoming week, probably Tuesday.
  • Germany is also due to hold a syndication in October to launch the new 30-year 1.80% Aug-53 Bund. MNI thinks there is a good chance that we see that transaction in the upcoming week.
  • Austria will kick off auctions for the week on Tuesday with a combined E1.725bln of 10/30-year RAGBs on offer: the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8) and the 0.75% Mar-51 RAGB (ISIN: AT0000A2EJ08).
  • Tuesday will also see Germany look to sell E400mln of the 0.10% Apr-33 ILB (ISIN: DE0001030583).
  • On Wednesday, Germany will return to the market with E1.5bln of the 1.00% May-38 Bund (ISIN: DE0001102598) on offer.

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