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EGB Supply - W/C 15 January, 2024

EUROZONE ISSUANCE

France and Germany look to return to the market while Finland, Greece, Italy and Spain all still look to issue and Slovakia has already come to the market this week. There may also be more syndications this week given the huge demand we are currently seeing for EGB launches. We pencil in estimated gross issuance for the week at E43.1bln from announced deals, down from E67.4bln last week.

  • Finland has released a mandate to hold a E3bln WNG syndicated launch of its new long 30-year Apr-55 RFGB. Like the France Green syndication, this transaction is coming earlier in the month than we had expected.
  • Greece will look to hold an auction today, with up to E250mln of the 5-year 3.875% Jun-28 GGB (ISIN: GR0114033583) on offer.
  • Italy will come to the market today to hold an exchange via the electronic trading system. On offer will be up to E4bln of the on-the-run 10-year 4.20% Mar-34 BTP (ISIN: IT0005560948). The MEF will look to buyback the 1.75% Jul-24 BTP (ISIN: IT0005367492), the 3.75% Sep-24 BTP (ISIN: IT0005001547), the Oct-24 CCTeu (ISIN: IT0005252520), the 1.45% Nov-24 BTP (ISIN: IT0005282527) and the 2.50% Dec-24 BTP (ISIN: IT0005045270).
  • This morning will also see Germany hold a 30-year Bund auction. On offer will be E1bln of the 0% Aug-52 Bund (ISIN: DE0001102572) alongside E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240117.pdf

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