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

EUROZONE ISSUANCE
  • Germany will return to the market on Wednesday to hold a 15-year Bund auction: E1.5bln of the 1.00% May-38 Bund (ISIN: DE0001102598) will be on offer alongside E1.0bln of the 4.75% Jul-40 Bund (ISIN: DE0001135366).
  • On Thursday, Italy will come to the market to hold a BTP-ST/BTPei auction. We pencil in a reopening of the 3.40% Mar25 BTP Short Term (ISIN: IT0005534281) alongside either the 1.50% May-29 BTPei (ISIN: IT0005543803) or the 0.10% May-33 BTPei (ISIN: IT0005482994).

NET NOMINAL FLOWS: Next week sees institutional redemptions of E47.6bln (E5.4bln of institutional funds held in a formerly 6-year BTP Italia, E5.0bln of a formerly 10-year EFSF-bond and E36.8bln of a formerly 10-year OAT). Coupons for the week total E11.8bln (E10.4b Spanish and E0.9bln Italian). With estimated gross nominal issuance of E20.5bln in the week, we look for net flows of negative E42.1bln in the week ahead versus negative E4.9bln this week.


For more on next week's supply, a recap of this week's issuance and a look ahead to two weeks from now see the PDF here.

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