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EGB Supply W/C 22 May, 2023 (1/2)

EUROZONE ISSUANCE

The EU, Germany, Italy and potentially Portugal all look to issue this week. We pencil in gross nominal issuance of E20.5bln from announced operations, down from E33.1bln last week.

  • The EU will kick off auctions this morning with up to E5bln of 5/11-year EU-bonds on offer: Up to E2.5bln each of the 0% Oct-28 EU-bond (ISIN: EU000A3KWCF4) and the 3.25% Jul-34 EU-bond (ISIN: EU000A3K4D41).
  • Belgium’s auction that was scheduled for Monday 22 May has been cancelled due to the 20-year 3.45% Jun-43 OLO syndication that was held on Tuesday 9 May.
  • The Netherlands will look to kick off tomorrow's auctions, with E2.0-2.5bln of the 5-year 0.75% Jul-28 DSL (ISIN: NL0012818504) on offer.
  • Later on Tuesday, Germany will look to sell E6bln of the 2.80% Jun-25 Schatz (ISIN: DE000BU22015).

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