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EGB 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 this morning to sell E632.5mln of the on-the-run 10-year 2.90% Feb-33 RAGB.
  • Italy will look to conclude its 2023 issuance tomorrow. 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.

For more on this week and next week's supply as well as a recap of last week's issuance see the PDF here.

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