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EGB Supply For W/C Sept 26, 2022

EUROZONE ISSUANCE

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:
  • EZ220927.pdf

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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:
  • EZ220927.pdf

Keep reading...Show less