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EGB Supply For W/C Sept 12, 2022 (1/2)

EUROZONE ISSUANCE

The EU, Italy, Germany, Portugal, France and Spain will all look to come to the market next week. We look for estimated gross nominal issuance of E39.6bln, up from this week’s E14.9bln.

  • The EU will hold a syndication next week. We have no strong views on which maturities will be on offer but we note there is a chance that an MFA issue (for funds to Ukraine) may potentially be issued alongside an NGEU bond.
  • Italy will kick off auctions for the week on Tuesday with up to E7.5bln of on-the-run 3/7-year BTPs on offer alongside a 25-year BTP: E2.25-2.75bln of the 1.20% Aug-25 BTP (ISIN: IT0005493298), E2.75-3.25bln of the 2.80% Jun-29 BTP (ISIN: IT0005495731) and E1.0-1.5bln of the 3.25% Sep-46 BTP (ISIN: IT0005083057).
  • Also Tuesday, Germany will then look to sell E5.5bln of the 0.40% Sep-24 Schatz (ISIN: DE0001104891).
  • Germany will return to the market on Wednesday to sell E1bln of the 2.50% Jul-44 Bund (ISIN: DE0001135481).
  • Also Wednesday, Portugal will look to sell a combined E1.00-1.25bln of 4/10-year OTs: the 2.875% Jul-26 OT (ISIN: PTOTETOE0012) alongside the 1.65% Jul-32 OT (ISIN: PTOTEYOE0031).
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