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

EUROZONE ISSUANCE

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 this week (we pencil in tomorrow 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 tomorrow 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 tomorrow – 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.

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