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EGB Supply W/C 23 Jan, 2023 (1/2)

EUROZONE ISSUANCE

The Netherlands, Germany and Italy are due to hold auctions and we expect syndications from the EU, Spain and France. We look for gross nominal issuance at first round operations of E32.3bln for these deals, in line with this week’s E32.6bln.

  • The week ahead sees an EU-bond auction syndication scheduled. We don’t have a high conviction on what will be on offer. The EU seems to be moving away a little from syndications in favour of larger auctions, which may reduce the chance of a dual-tranche syndication or at least reduce the total size of the syndication.
  • MNI also expects Spain to hold a syndication to launch a new 10-year Apr-33 Obli for E10bln. Furthermore we pencil in French syndication (albeit with lower conviction) and note that a 30-year OAT or 10-20-year OATi could be on offer.
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