May 17, 2024 15:31 GMT
EGB Supply - W/C 20 May (1/2)
EUROZONE ISSUANCE
Slovakia, Germany, Finland, Greece and Germany all look to hold auctions in the upcoming week. On the syndication side, the EFSF has sent an RFP while we see Spain and Austria as the most likely candidates to hold syndications in our view. We pencil in estimated gross issuance for the week at E23.8bln, down from E43.0bln this week.
- The EFSF sent an RfP for an “upcoming” transaction on Wednesday 15 May. We look for up to E5bln to be sold (but a smaller E3-4bln transaction is equally possible). Note that there is a E4.5bln redemption due of a former 10-year EFSF-bond due on 27 June. We look for the transaction to take place on Monday or Tuesday. We don’t have a strong conviction regarding what will be on offer.
- Slovakia will kick off issuance for the week on Monday with a SlovGB auction. The 3.00% Feb-26 SlovGB (ISIN: SK4000024675), the 3.00% Feb-28 SlovGB (ISIN: SK4000024683), the 3.75% Mar-34 SlovGB (ISIN: SK4000024865) and the 0.375% Apr-36 SlovGB (ISIN: SK4000018958) will all be on offer.
- Germany will come to the market on Tuesday with E4bln of the 2.10% Apr-29 Bobl (ISIN: DE000BU25026) on offer.
- Also on Tuesday, Finland will hold a conventional auction for up to E1.5bln of on-the-run 5/10-year RFGBs. On offer will be the 2.875% Apr-29 RFGB (ISIN: FI4000557525) and the 3.00% Sep-34 RFGB (ISIN: FI4000571104).
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