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EGB Supply - W/C 13 May (1/2)

EUROZONE ISSUANCE

The Netherlands, Germany, Spain and France are all due to hold auctions this week while the EU is scheduled to hold a syndication. Also on the syndication side, we see Austria and the ESM (or possibly EFSF) as the most likely candidates to hold transactions in our view. We pencil in estimated gross issuance for the week at E42.7bln, up from E19.5bln this week.

  • The EU has a syndication scheduled for the week ahead with an RfP having been sent out already. The most likely new bonds would be conventional 15/30-year EU-bonds but the EU could also choose to just tap existing issues.
  • The Netherlands will kick off auctions for the week tomorrow with E1.5-2.0bln of the off-the-run short 5-year 0% Jan-29 DSL (ISIN: NL0015000LS8) on offer.
  • Also tomorrow, Germany will come to the market to look to sell E5bln of the 2.90% Jun-26 Schatz (ISIN: DE000BU22056).
  • Germany will return to the market on Wednesday with a 30-year Bund auction. E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) will be on offer alongside E1bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
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