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EGB Supply - W/C 12 December, 2022

EUROZONE ISSUANCE

Italy and Belgium are the only countries due to come to the market next week. We look for estimated gross nominal issuance of E8.75bln, down from this week’s E12.0bln.

  • Italy will announce its issuance plans for next week later today. We expect the 3-year 3.50% Jan-26 BTP (ISIN: IT0005514473) to be on offer with the 3.85% Dec-29 BTP (ISIN: IT0005519787). We also expect a longer-term BTP to be on offer alongside.
  • Belgium will complete its 2022 issuance on Friday with an ORI operation (likely for E500mln). The announcement will be made on Thursday.

NET NOMINAL FLOWS: The upcoming week will see a E27.7bln of redemptions: E14.0bln of a German Schatz and E13.7bln of an Italian CCTeu. Coupon payments of E0.3bln are expected. With estimated gross issuance of E8.75bln, MNI estimates net nominal issuance of negative E19.2bln in the week ahead, down from this week’s positive E10.7bln.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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