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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 E20.1bln, down from E47.1bln this week.

  • The EU will kick off issuance for the week on Monday 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).
  • Monday 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 on Tuesday with the 10-year 2.50% Jul-33 DSL (ISIN: NL0015001AM2) on offer for E2.0-2.5bln.
  • Also on Tuesday, Germany will look to sell E4bln of the 2.40% Oct-28 Bobl (ISIN: DE000BU25018).

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