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EGB Supply W/C 12 June, 2023 (1/2) - Upcoming

EUROZONE ISSUANCE

The EU, the Netherlands, Italy, Austria, Germany, Spain, France, Finland and potentially Portugal all look to issue next week. We pencil in gross nominal issuance of E44.1bln, down from E30.6bln this week.

  • The EU is due to kick off issuance on Monday with an EU-bond auction. On offer will be up to E2.25bln of each of the 2.00% Oct-27 EU-bond (ISIN: EU000A3K4DS6) and the 3.375% Oct-38 EU-bond (ISIN: EU000A3K4D74).
  • The Netherlands will kick off Tuesday’s issuance with E1.5-2.5bln of the on-the-run 10-year 2.50% Jul-33 DSL (ISIN: NL0015001AM2) on offer.
  • Italy will then look to hold a 3/7/30 year BTP auction for up to E7.5bln. On offer will be: E2.5-2.75bln of the 3.80% Apr-26 BTP (ISIN: IT0005538597), E2.75-3.25bln of the 3.7% Jun-30 BTP (ISIN: IT0005542797) and E1.25-1.5bln of the 4.50% Oct-53 BTP (ISIN: IT0005534141).
  • Also on Tuesday, Germany will look to sell E5bln of the new Oct-28 Bobl (ISIN: DE000BU25018). The coupon will be announced the day before.
  • Finland will conclude Tuesday’s issuance with an auction for up to E1.5bln due. On offer will be E1.0bln of the 3.00% Sep-33 RFGB (ISIN: FI4000550249) and E0.5bln of the 0.125% Apr-36 RFGB (ISIN: FI4000415153).

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