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EGB Supply: W/C 24 July, 2023 (1/2)

EUROZONE ISSUANCE

Belgium, Italy and Germany look to issue in the week ahead. We pencil in gross nominal issuance of E20.2bln, down from E29.8bln this week.

  • Belgium will kick off issuance for the week on Monday with E2.7-3.2bln on-the-run 10/30/50-year OLOs on offer: the 3.00% Jun-33 OLO (ISIN: BE0000357666), the 3.30% Jun-54 OLO (ISIN: BE0000358672) and the 0.65% Jun-71 OLO (ISIN: BE0000353624).
  • Italy will come to the market on Tuesday to hold a BTP Short Term / BTPei auction. It will look to launch the new 3.60% Sep-25 BTP Short Term (ISIN: TBC) for E3.25-3.75bln alongside the 10-year 0.10% May-33 BTPei (ISIN: IT0005482994) for E1.00-1.25bln.
  • On Wednesday, Germany will come to the market to launch the new 7-year Nov-30 Bund (ISIN: DE000BU27006) for E4bln. The coupon will be confirmed on Tuesday.

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