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EGB Supply - W/C 24 April, 2023 (1/2)

EUROZONE ISSUANCE

The EU, Belgium, Germany, Italy and Finland all look to issue next week. We pencil in gross nominal issuance of E26.9bln from announced operations, down from E45.9bln this week.

  • Belgium will look to hold a conventional auction for E3.0-3.5bln of 5/10/30-year OLOs on Monday: the 5-year 0.80% Jun-28 OLO (ISIN: BE0000345547), the 10-year 3.00% Jun-33 OLO (ISIN: BE0000357666) and the 30-year 3.30% Jun-54 OLO (ISIN: BE0000358672).
  • Also in the week ahead, there is an EU-bond syndication scheduled. Syndications in 2023 have ranged from E5-7bln in size.
  • Germany will come to the market on Tuesday with E6bln of the new Jun-25 Schatz (ISIN: DE000BU22015) on offer. The coupon will be announced on Monday, but given prevailing yields it is expected to exceed the 2.50% seen on the last Schatz issue.
  • Germany will return to the market on Wednesday for a 15-year Bund auction. E1.0bln of the 4.00% Jan-37 Bund (ISIN: DE0001135275) will be on offer alongside E1.5bln of the 1.00% May-38 Bund (ISIN: DE0001102598).

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