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

EUROZONE ISSUANCE

The EU, Belgium, the Netherlands, Germany, Italy and Finland are all due to issue in the week ahead. We pencil in gross nominal issuance of E19.8bln, down from E47.1bln last week.

  • The EU will kick off issuance for the week today with a 7/15-year EU-bond auction. On offer will be up to E2.5bln of the 3.125% Dec-30 EU-bond (ISIN: EU000A3LNF05) alongside up to E2.5bln of the 3.375% Oct-38 EU-bond (ISIN: EU000A3K4D74).
  • Today will also see Belgium hold its last conventional bond auction of the year with a combined E2.6-2.9bln on offer: the 1.25% Apr-33 Green OLO (ISIN: BE0000346552), the on-the-run 10-year 3.00% Jun-33 OLO (ISIN: BE0000357666) and the on-the-run 30-year 3.30% Jun-54 OLO (ISIN: BE0000358672).
  • The Netherlands will come to the market for the second time in October tomorrow with the 10-year 2.50% Jul-33 DSL (ISIN: NL0015001AM2) on offer for E2.0-2.5bln.
  • Also tomorrow, Germany will look to sell E4bln of the 2.40% Oct-28 Bobl (ISIN: DE000BU25018).

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