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EGB Supply For W/C Sep 20, 2021

EUROZONE ISSUANCE

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.

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Homepagemarkets-real-timeTopicsBank of Italy Market News BulletMarketsFixed Income Bullets

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