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EGB Supply: W/C 15 April, 2024

EUROZONE ISSUANCE

The Netherlands, Finland, Greece, Germany, Spain and France are all still due to hold auctions this week while Italy will hold an exchange auction and Slovakia came to the market yesterday. We pencil in estimated gross issuance for the week at E38.1bln, up from E32.0bln last week. We see Austria as the most likely to hold a syndication this week.

  • Today, the Netherlands will come to the market to hold a DDA to tap the on-the-run 30-year 2.00% Jan-54 DSL (ISIN: NL00150012X2) for E4-5bln (we expect the top of the target range to be sold). The preliminary initial spread guidance over the 2.50% Aug-54 Bund was set at +17.5bps to +21.5bps yesterday. Books will open at 9:00BST / 10:00CET.
  • Also today, Finland will look to sell a combined E1.0-1.5bln of the 2.875% Apr-29 RFGB (ISIN: FI4000557525) and the 2.95% Apr-55 RFGB (ISIN: FI4000566294).
  • Greece will look to hold a GGB auction tomorrow. We look for a E250-300mln size with details to be announced on Tuesday.
  • Italy announced that it will hold an exchange auction tomorrow. On offer will be up to E3bln combined of the 3.85% Dec-29 BTP (ISIN: IT0005519787) and the 3.35% Mar-35 BTP (ISIN: IT0005358806). The MEF will look to buy back the 0% Oct-24 CCTeu (ISIN: IT0005252520), the 1.85% Jan-25 CCTeu (ISIN: IT0005359846), the 0.35% Feb-25 BTP (ISIN: IT0005386245), the 3.40% Mar-25 BTP Short Term (ISIN: IT0005534281) and the 1.85% Jul-25 BTP (ISIN: IT0005408502).
  • Tomorrow morning will also see Germany hold a 30-year Bund auction. On offer will be E1bln of the 0% Aug-50 Bund (ISIN: DE0001102481) and E1bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240416.pdf

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