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EGB Supply For W/C Oct 3, 2022

EUROZONE ISSUANCE

The EFSF, Austria, Germany, Spain and France will all look to issue bonds this 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.
NET NOMINAL FLOWS: The upcoming week will see the redemption of a German Bobl for E19.5bln with E0.5bln of Italian coupon payments due. With estimated gross issuance of E23.4bln, MNI estimates net nominal issuance of positive E3.4bln this week, up from last week’s negative E6.0bln.

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