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EGB Supply W/C 14 Nov, 2022 (1/2)

EUROZONE ISSUANCE

The EU, Italy, Greece, Germany, Finland, Spain and France will all look to issue bonds this week. We look for estimated gross nominal issuance of E33.3bln from announced operations, up from last week’s E22.8bln.

  • The EU will look to hold a syndication this week with funds for both NGEU and MFA on offer. We expect the transaction to be E8-10bln in size but have less conviction on which maturities will be on offer.
  • A new 6-year Nov-28 BTP Italia will be on offer this week with a guaranteed minimum coupon of 1.60%. The first three days will be reserved for retail investors with the Thursday second round for institutional investors. Retail investors who hold to maturity will receive a bonus of 0.8%. This will be the second BTP Italia of the year after the 8-year launch in June which saw E7.261bln of retail orders and E2.179bln of institutional.
  • This morning, Greece will hold a E200mln extraordinary auction of the 1.75% Jun-32 GGB (ISIN: GR0124038721). This was added to the schedule on Friday to “to provide additional liquidity on this maturity point of the GGB curve”.
  • Tomorrow, Germany will look to sell E4bln of the 7-year 2.10% Nov-29 Bund (ISIN: DE0001102622).
  • Also tomorrow, Finland will look to sell up to E1.5bln of 5/25-year RFGBs: up to E750mln of the 1.375% Apr-27 RFGB (ISIN: FI4000527551) and up to E750mln of the 1.375% Apr-47 RFGB (ISIN: FI4000242870).
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The EU, Italy, Greece, Germany, Finland, Spain and France will all look to issue bonds this week. We look for estimated gross nominal issuance of E33.3bln from announced operations, up from last week’s E22.8bln.

  • The EU will look to hold a syndication this week with funds for both NGEU and MFA on offer. We expect the transaction to be E8-10bln in size but have less conviction on which maturities will be on offer.
  • A new 6-year Nov-28 BTP Italia will be on offer this week with a guaranteed minimum coupon of 1.60%. The first three days will be reserved for retail investors with the Thursday second round for institutional investors. Retail investors who hold to maturity will receive a bonus of 0.8%. This will be the second BTP Italia of the year after the 8-year launch in June which saw E7.261bln of retail orders and E2.179bln of institutional.
  • This morning, Greece will hold a E200mln extraordinary auction of the 1.75% Jun-32 GGB (ISIN: GR0124038721). This was added to the schedule on Friday to “to provide additional liquidity on this maturity point of the GGB curve”.
  • Tomorrow, Germany will look to sell E4bln of the 7-year 2.10% Nov-29 Bund (ISIN: DE0001102622).
  • Also tomorrow, Finland will look to sell up to E1.5bln of 5/25-year RFGBs: up to E750mln of the 1.375% Apr-27 RFGB (ISIN: FI4000527551) and up to E750mln of the 1.375% Apr-47 RFGB (ISIN: FI4000242870).