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EGB Supply - W/C 15 July, 2024 (1/2)

EUROZONE ISSUANCE

The EU, Germany, Greece, Spain and France all look to hold auctions in the week ahead. We pencil in an estimated gross issuance for the week at E30.2bln, up from E27.0bln this week.

  • On Monday, the EU will kick off issuance for the week by selling up to E3bln of the on-the-run long 3-year 2.875% Dec-27 EU-bond (ISIN: EU000A3K4EW6) and up to E2bln of the off-the-run short 15-year 3.375% Oct-38 EU-bond (ISIN: EU000A3K4D74).
  • On Tuesday, Germany will sell E4bln of the new 5-year Oct-29 Bobl (ISIN: DE000BU25034). The coupon will be announced the preceding day.
  • On Wednesday, Greece will look to hold a GGB auction. Details will likely be announced the preceding day.
  • Germany will return to the market on Wednesday to hold a 30-year Bund auction. On offer will be E1bln of each the 0% Aug-52 Bund (ISIN: DE0001102572) and the 2.50% Aug-54 Bund (ISIN: DE000BU2D004).

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