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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 this week. We pencil in gross nominal issuance of E26.9bln from announced operations, down from E45.9bln last week.

  • Belgium will look to hold a conventional auction for E3.0-3.5bln of 5/10/30-year OLOs today: 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 this week, there is an EU-bond syndication scheduled. Syndications in 2023 have ranged from E5-7bln in size and we pencil in tomorrow for the transaction date.
  • Germany will come to the market tomorrow with E6bln of the new Jun-25 Schatz (ISIN: DE000BU22015) on offer. The coupon will be announced this morning, 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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