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EGB Supply: W/C 12 February, 2024 (1/3)

EUROZONE ISSUANCE

Italy, Germany, Greece, Portugal, Spain and France are all due to hold auctions this week. We look for the syndications schedule to slow down somewhat, although we do see some risk that given the heavier redemptions and the still very strong demand, that there could be risks of other syndications being pulled forward. We pencil in estimated gross issuance for the week at E37.0bln, up a little from E34.0bln last week.

  • Italy will look to hold a 3/7/15-50-year BTP auction tomorrow. On offer will be: E3.0-3.5bln of the on-the-run 3-year 2.95% Feb-27 BTP (ISIN: IT0005580045), E1.25-1.5bln of the off-the-run 6-year 3.70% Jun-30 BTP (ISIN: IT0005542797), E1.5-2.0bln of the off-the-run 7-year 4.00% Nov-30 BTP (ISIN: IT0005561888) and E1.25-1.5bln of the on-the-run 20-year 4.45% Sep-43 BTP (ISIN: IT0005530032).
  • Also tomorrow, Germany will look to sell E4bln of the 2.10% Apr-29 Bobl (ISIN: DE000BU25026).

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