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EGB Supply - W/C 17 July, 2023 (1/2)

EUROZONE ISSUANCE

Germany, Greece, Spain and France all look to issue this week. We pencil in gross nominal issuance of E29.0bln, down a little from E31.1bln last week.

  • Germany will kick off issuance for the week tomorrow with E6bln of the new Sep-25 Schatz (ISIN: DE000BU22023) on offer. The coupon will be confirmed today.
  • Greece will look to hold a GGB auction on Wednesday with the bond on offer announced probably tomorrow afternoon. At auction this year Greece has sold benchmark 10/15/20-year GGBs so far.
  • Also Wednesday, Germany will return to the market to hold a 30-year Bund auction. E1bln of the 0% Aug-52 Bund (ISIN: DE0001102572) will be on offer alongside E1.5bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).

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