EGB Supply: W/C 17 April, 2023 (1/3)

Slovakia, the EU, the Netherlands, Finland, Greece, Germany, Spain, France, Italy and the EFSF all look to issue next week. We pencil in gross nominal issuance of E45.4bln, up from E25.2bln this week.

• The EFSF has issued an RFP for a syndicated transaction. We pencil in a dual-tranche transaction for Monday or Tuesday with a similar total E6bln size as was seen in January.
• Germany will hold investor meetings starting on Tuesday to present its Green Bond presentation (that is due for release on Monday). We would expect a syndicated transaction to follow, potentially as early as Wednesday. We pencil in a transaction size of E4-5bln. Germany’s 2023 funding plan included two green syndications this year: a 10-year transaction and a longer-maturity transaction. The next Green auction is not due to be held until 7 June.
• Slovakia will kick off issuance auctions for the week on Monday with 2/10/12/30-year SlovGBs on offer: the 0.25% May-25 SlovGB (ISIN: SK4000017158), the 4.00% Oct-32 SlovGB (ISIN: SK4000021986), the 3.75% Feb-35 SlovGB (ISIN: SK4000022539) and the 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
• Monday will also see an EU-bond auction with up to E2bln of each of the 1.625% Dec-29 EU-bond (ISIN: EU000A3K7MW2) and the 2.75% Feb-33 Green EU-bond (ISIN: EU000A3K4DW8) on offer.