Free Trial

EGB Supply - W/C 11 December, 2023

EUROZONE ISSUANCE

Italy and Belgium are both still due to issue this week while Austria came to the market yesterday. We pencil in gross nominal issuance of E7.1bln for the week, down from E16.1bln last week.

  • This week has already seen the release of funding plans from the EFSF/ESM, the EU and Slovakia and will also likely see plans published by Austria (Thurs/Fri), France (Wednesday) and the Netherlands (Friday). See summaries of the plans so far this week in the PDF.
  • 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.

For more on this week and next week's supply see the PDF here:

EZ231213.pdf

To read the full story

Close

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.