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


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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