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EGB Supply For W/C Sep 20, 2021

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Slovakia, Germany, Finland, Italy and potentially Portugal are scheduled to come to the market next week. We look for gross nominal issuance of E11.8bln, sharply down from this week's E44.0bln.

  • Slovakia will kick issuance off on Monday with E300mln of 10/15/25-year SlovGBs on offer: E100mln of each of the 1.00% Oct-30 SlovGB, the 0.375% Apr-36 SlovGB and the 2.00% Oct-47 SlovGB.
  • On Tuesday, Germany will look to reopen the 7-year 0% Nov-28 Bund for E3bln.
  • Also Tuesday, Finland will come to the market to sell up to E1bln of the 20-year 2.625% Jul-42 RFGB.
  • Germany will return to the market on Wednesday with E2.5bln of the 15-year 0% May-36 Bund on offer.
  • Portugal could potentially hold an auction Wednesday (either outright or exchange).
  • On Friday, Italy will look to sell BTP Short Term and BTPei with details to be confirmed Tuesday.

NET NOMINAL FLOWS: There is a single redemption this week: E5bln of an EU EFSM bond originally issued as a 10-year. There are E0.4bln of coupon payments. With estimated gross nominal issuance of E11.8bln, we look for net nominal issuance of E6.4bln (down from E7.5bln this week).

For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document here.