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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.
EUROZONE ISSUANCE
Austria, Italy and Germany all still look to come to the market today. Spain, the ESM and Slovenia have held syndications while Slovakia and Finland have held auctions so far this week. We look for gross nominal issuance of E17.4bln from announced operations, down significantly from last week’s E47.4bln.
- Today, Austria will look to issue a new 4-year RAGB via syndication, maturing Jul-26. MNI expects a transaction size of E3.5-4.5bln.
- Italy will hold an exchange auction this morning for up to E2bln. The MEF looks to sell the 0.90% Apr-31 BTP (ISIN: IT0005422891) and the 5.00% Aug-39 BTP (ISIN: IT0004286966). The MEF will buyback the 0% Jul-23 CCTeu (ISIN: IT0005185456), the 0% Nov-23 BTP Short Term (ISIN: IT0005482309), the 0% Dec-23 CCTeu (ISIN: IT0005399230) and the 0% Jan-24 BTP (ISIN: IT0005424251).
- Finally today, Germany will look to sell E4bln of the 10-year 1.70% Aug-32 Bund (ISIN: DE0001102606).
For a recap of this week's issuance so far and for details on projected net cash flows see the PDF here:
For a full 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.
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