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

  • Slovakia kicked off issuance yesterday, selling E293mln against a target of E300mln of 10/15/25-year SlovGBs: E84mln of the 1.00% Oct-30 SlovGB, E99mln of the 0.375% Apr-36 SlovGB and E110mln of the 2.00% Oct-47 SlovGB.
  • This morning, Germany will look to reopen the 7-year 0% Nov-28 Bund for E3bln.
  • Also today, 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 tomorrow with E2.5bln of the 15-year 0% May-36 Bund on offer.
  • Portugal could potentially hold an exchange auction tomorrow. If it did, details would be announced today.
  • On Friday, Italy will look to sell BTP Short Term and BTPei with details to be confirmed this afternoon.

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 E8.3bln last week).

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.