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EGB Supply - W/C 16 Oct, 2023 (1/2)

EUROZONE ISSUANCE

Slovakia, the Netherlands, Germany, Finland, Greece, Spain and France are all due to issue in the week ahead. We pencil in gross nominal issuance of E35.6bln, up from E18.8bln this week.

  • Slovakia will look to kick off issuance for the week this morning. On offer will be the short 4-year 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 4.00% Oct-32 SlovGB (ISIN: SK4000021986), the 10-year 3.625% Jun-33 SlovGB (ISIN: SK4000023230) and the 0.375% Apr-36 SlovGB (ISIN: SK4000018958).
  • On Tuesday the Netherlands will look to hold a DDA for E4.0-5.0bln to launch the new 20-year 3.25% Jan-44 Green DSL (ISIN: ISIN: NL0015001RG8). The initial spread guidance is due to be announced today with the reference bond the 2.50% Jul-44 Bund.
  • Germany will then look to sell E5bln of the new Dec-25 Schatz (ISIN: DE000BU22031).
  • Finland will then look to conclude issuance on Tuesday with an RFGB auction. We expect the 10-year 3.00% Sep-33 RFGB (ISIN: FI4000550249) to be on offer, potentially alongside the 5-year 2.875% Apr-29 RFGB (ISIN: FI4000557525).
  • Wednesday will see Greece come to the market to hold a GGB auction with the details due to be announced the day before the auction (Tuesday 17 October).
  • Germany will also return to the market on Wednesday with E4bln of the 2.60% Aug-33 Bund (ISIN: DE000BU2Z015) on offer.

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