Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
The Netherlands, Italy and Germany are all still due to issue bonds in the upcoming week. The EU came to the market yesterday. We look for estimated gross nominal issuance of E21.6bln from announced operations, up from last week’s E16.9bln.
- The Netherlands will hold a DDA today with E3-5bln of the new 2.00% Jan-54 DSL on offer. The preliminary initial spread guidance is the 0% Aug-52 Bund plus 33 to 38bp.
- Also this morning, Italy will hold a BTP Short Term / BTPei auction. On offer will be: E2.0-2.5bln of the 1.75% May-24 BTP Short Term (ISIN: IT0005499311) and E0.75-1.25bln of the 0.10% May-33 BTPei (ISIN: IT0005482994).
- Germany will complete this morning’s issuance with E3bln of the 1.30% Oct-27 Bobl (ISIN: DE0001141869) on offer.
- For more on this week's issuance see the PDF here:
NET NOMINAL FLOWS: This week will see redemptions of E28.8bln with the most notable being E13.5bln of the last remaining Italian CTZ and E14.5bln of a formerly 10-year Belgian OLO. There will also be E0.8bln of coupon payments due (E0.6bln Finnish). With estimated gross issuance of E21.6bln, MNI estimates net nominal issuance of negative E8.0bln this week, down from last week’s positive E9.5bln.
For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.