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US TSY FUTURES

FVZ2 Blocked

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Off Best Levels, Curve Twist Steepens

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EGB Supply for W/C September 19, 2022

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:

EZ220921.pdf

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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:

EZ220921.pdf

Keep reading...Show less