EGB Supply: W/C 18 March, 2024 (1/3)

The EU, Slovakia, Belgium, Finland, Greece, Germany, Spain, France, Ireland and Italy are all due to issue in the week ahead. We pencil in estimated gross issuance for the week at E42.3bln, up from E23.1bln last week.

• The EU will hold a syndication in the W/C 18 March. We don’t have a strong conviction regarding which bonds will be on offer. We have pencilled in a transaction size of E7bln, in line with February’s 3.00% Dec-34 EU-bond syndication.
• Slovakia will kick off conventional issuance for the week this morning with a SlovGB auction. None of the new SlovGBs that have launched this year will be on offer at this auction. We pencil in an auction size of E500-600mln with the following SlovGBs on offer: the 3-year 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 8-year 4.00% Oct-32 SlovGB (ISIN: SK4000021986), the 9-year 3.625% Jun-33 SlovGB (ISIN: SK4000023230) and the 11-year 3.75% Feb-35 SlovGB (ISIN: SK4000022539).
• The first Belgian conventional auction of 2024 is scheduled to be held today. On offer will be a combined E3.3-3.9bln of the on-the-run 10-year 2.85% Oct-34 OLO (ISIN: BE0000360694), the 15-year 2.75% Apr-39 Green OLO (ISIN: BE0000356650) and the on-the-run 30-year 3.50% Jun-55 OLO (ISIN: BE0000361700).
• Tomorrow, Finland will look to issue up to a combined E1.5bln of the on-the-run 5/10-year RFGBs: the 2.875% Apr-29 RFGB (ISIN: FI4000557525) and the 3.00% Sep-33 RFGB (ISIN: FI4000550249).