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EGB Supply For W/C Sep 13, 2021 (1/2)

EUROZONE ISSUANCE

The Netherlands, Italy, Germany, the EU, Spain, France and Austria all sold bonds this week, raising E44.0bln in nominal terms, up from E12.5bln last week.

  • The Netherlands kicked off auctions for the week, selling E1.98bln of the 30-year 0% Jan-52 DSL against a target of E1-2bln.
  • Italy then sold E5.75bln of on-the-run 3/7/30-year BTPs (at the top of the size target): E2.0bln of the 0% Aug-24 BTP, E2.0bln of the 0.50% Jul-28 BTP and E1.75bln of the 1.70% Sep-51 BTP.
  • Germany came to the market allotting E3.908bln of 0% Sep-23 Schatz in a weak, technically uncovered auction that had an issuance size of E5bln.
  • The EU held a syndication to launch a new 7-year 0% Oct-28 NGEU bond, selling E9bln in a WNG transaction.

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