EGB Supply For W/C Sept 19, 2022

The ESM, Slovakia, Finland and Germany will all look to come to the market next week, with a potential for a Slovenian syndication (and other syndications). We look for estimated gross nominal issuance of E8.9bln from announced operations, down significantly from this week’s E47.2bln.

• The ESM has issued an RFP for a potential transaction in the upcoming week. We would expect the mandate to be announced on Monday with the transaction on Tuesday.
• Slovakia will kick off auction issuance for the week with E362.6mln of 2/7/15/30-year SlovGBs on offer: E100mln of the 0% Jun-24 SlovGB (ISIN: SK4000017398), E62.6mln of the 0.75% Apr-30 SlovGB (ISIN: SK4120015173), E100mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and E100mln of the 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
• Belgium’s auction originally scheduled for Monday was cancelled in light of this week’s new Green OLO syndication.
• On Tuesday, Finland will look to issue up to E1.5bln of the 10-year 1.50% Sep-32 RFGB (ISIN: FI4000523238)
• On Wednesday, Germany will look to sell E4bln of the 10-year 1.70% Aug-32 Bund (ISIN: DE0001102606).

NET NOMINAL FLOWS: The upcoming week will see redemptions of E7.0bln with a formerly 5-year RAGB due to mature. There will also be E0.2bln of coupon payments due. With estimated gross issuance of E8.9bln, MNI estimates net nominal issuance of positive E1.7bln next week, down from this week’s positive E7.7bln.

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