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

EUROZONE ISSUANCE
The EU, Germany, Italy and potentially Portugal all look to issue in the W/C 22 May. We pencil in gross nominal issuance of E20.5bln from announced operations, down from E33.1bln this week.
  • The EU will kick off auctions on Monday 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 Tuesday’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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