EGB Supply - W/C 22 January, 2024 (1/2)

The Netherlands, Germany, Portugal and Italy all look to hold auctions in the week ahead while there is a scheduled EU syndication and we also pencil in a Greek syndication. In general, the syndication schedule should slow down a bit as we approach the ECB meeting. We pencil in estimated gross issuance for the week at E25.0bln, around half the E50.0bln seen this week – but note the lower redemptions and coupon payments.

• The EU has a syndication scheduled for the week ahead (we pencil in Tuesday as the most likely date). We don’t have a strong view on what will be on offer, but given the strong demand at other syndications recently, we would expect to see a relatively large dual-tranche offering.
• The Netherlands will look to kick off auctions for the week on Tuesday with E1.5-2.5bln of the 15-year 0% Jan-38 DSL (ISIN: NL0015000B11) on offer.
• Germany will then look to hold a multi-ISIN green auction, also on Tuesday – with E1bln of the 1.30% Oct-27 Green Bobl (ISIN: DE0001030740) and E1bln of the 1.80% Aug-53 Green Bund (ISIN: DE0001030757) on offer.
• Germany will return to the market on Wednesday with a 15-year Bund auction. On offer will be E1.5bln of the on-the-run 1.00% May-38 Bund (ISIN: DE0001102598) alongside E500mln of the 2.50% Aug-46 Bund (ISIN: DE0001102341).