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

EUROZONE ISSUANCE

Belgium, Germany and Italy all look to hold auctions in the week ahead, we also think there is a chance of an Italian syndication. We pencil in an estimated gross issuance for the week at E17.0bln, down from E31.2bln this week.

  • On Monday, Belgium will kick off issuance for the week with a conventional auction of on-the-run 10/30-year OLOs for E2.0-2.5bln. On offer will be the 2.85% Oct-34 OLO (ISIN: BE0000360694) and the 3.50% Jun-55 OLO (ISIN: BE0000361700). The size is in line with our expectations and the same as other auctions held so far this year; we expect the top of the range to be sold.
  • On Tuesday, Germany will sell E5bln of the new Sep-26 Schatz (ISIN: DE000BU22064). The coupon will be announced the preceding day.
  • Germany will return to the market on Wednesday to hold a 10-year Bund auction. On offer will be E5bln of the 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
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