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EGB Supply W/C 24 October, 2022 (2/2)

EUROZONE ISSUANCE
  • On Friday, Italy will return to the market to sell 5/10-year BTPs alongside the CCTeu. We expect a reopening of the 2.65% Dec-27 BTP (ISIN: IT0005500068), a reopening of the 2.50% Dec-32 BTP (ISIN: IT0005494239) and a reopening of the Oct-30 CCTeu. There is an outside chance that Italy chooses to issue a new 10-year May-33 BTP rather than reopening the 2.50% Dec-32 BTP, but we think that is more likely to be launched in November.
  • Other potential upcoming syndication: Greece (possibly FRN).
NET NOMINAL FLOWS: The upcoming week will see redemptions totalling E37.1bln with E35.4bln being a formerly 10-year OAT and smaller redemptions from Greece, Slovenia and Latvia. Coupon payments will be E10.0bln (of which E9.1bln are Spanish). With estimated gross issuance of E22.2bln, MNI estimates net nominal issuance of negative E24.9bln in the week ahead, down from this week’s positive E5.2bln.
  • For more on next week's issuance and a recap of this week's issuance see the MNI EGB Issuance, Redemption and Cash Flow Matrix here:

    • EZ221024.pdf

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