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

EUROZONE ISSUANCE

Austria, Germany, Spain, France and the EFSF are due to issue in the week ahead. We pencil in gross nominal issuance of E25.3bln (excluding retail operations), down from E30.5bln this week.

  • The EFSF has sent an RFP to banks regarding a potential syndication. We pencil in a transaction size of E4.0bln (which would complete the EFSF’s funding for the new year) and note that this may be either a single-tranche or a dual-tranche deal. We don’t have a strong conviction on the tenors that will be on offer. We look for a transaction date of either Monday or Tuesday.
  • Austria will kick off auctions for the week on Tuesday with on-the-run 10/30-year RAGBs for a combined E1.265bln: the 10-year 2.90% Feb-33 RAGB (ISIN: AT0000A324S8) alongside the 3.15% Oct-53 RAGB (ISIN: AT0000A33SK7).
  • Germany will come to the market on Wednesday with E3bln of the 2.40% Nov-30 Bund (ISIN: DE000BU27006) on offer.
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