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EGB Supply: W/C 19 February, 2024 (1/2)

EUROZONE ISSUANCE

The EU, Slovakia, Germany, Finland and Italy are the only countries scheduled to hold institutional issuance operations in the week ahead, with subscriptions for Belgium’s retail state bonds due to begin. We pencil in estimated gross issuance (ex-retail) for the week at E24.7bln, down from an estimated E37.8bln last week.

  • The EU will hold a syndication this week. We don’t have a strong conviction regarding which bonds will be on offer.
  • Slovakia is due to come to the market to hold a 3/9/10/25-year SlovGB auction this morning. On offer will be the 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 4.00% Oct-32 SlovGB (ISIN: SK4000021986), the 3.625% Jun-33 SlovGB (ISIN: SK4000023230) and the 2.00% Oct-47 SlovGB (ISIN: SK4120013400).
  • Tomorrow, Germany will look to sell E4.5bln of the 10-year 2.20% Feb-34 Bund (ISIN: DE000BU2Z023).
  • Also tomorrow, Finland will come to the market to hold an auction for up to E750mln each 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).
  • On Wednesday, Germany will return to the market to sell E4.5bln of the 10-year 2.20% Feb-34 Bund (ISIN: DE000BU2Z023).

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