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Free AccessEGB Supply - W/C 11 December, 2023
Austria, Italy and Belgium are due to issue this week. We pencil in gross nominal issuance of E7.1bln, down from E16.1bln last week. The week ahead will likely see 2024 funding plans published by Austria, the EU, France (Wednesday), the Netherlands (Friday), Slovakia and possibly the EFSF/ESM.
- Austria has announced it will utilise its reserve auction tomorrow to sell E632.5mln of the on-the-run 10-year 2.90% Feb-33 RAGB.
- Italy will look to conclude its 2023 issuance on Wednesday. On offer will be E2.5-3.0bln of each of the on-the-run 3/7-year BTPs: the 3.85% Sep-26 BTP (ISIN: IT0005556011) and the 4.00% Nov-30 BTP (ISIN: IT0005561888). Note that the MEF had previously announced that it will not be issuing 10+ year BTPs at this auction.
- Belgium will look to conclude its 2023 issuance by holding an ORI operation on Friday. We pencil in a E500mln size, with details not due to be announced until Thursday.
NET NOMINAL FLOWS: This week sees redemptions of E25.7bln (E18.0bln Schatz and E7.7bln of a CCTeu) and coupons of E0.6bln (E0.4bln from Germany and E0.2bln EFSF-bonds). This leaves net flows for the week at an estimated negative E19.2bln, versus positive E12.3bln last week.
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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.