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EGB Supply: W/C 25 March, 2024

EUROZONE ISSUANCE

The Netherlands, Germany and Italy are all due to issue in the week ahead. We pencil in estimated gross issuance for the week at E16.8bln, only just over a third of the E45.2bln issued this week, with many markets closed on Friday for Good Friday.

  • The Netherlands will kick off issuance for the week on Tuesday with E1.5-2.0bln of the 5-year 0% Jan-29 DSL (ISIN: NL0015000LS8) on offer.
  • Germany will also come to the market on Tuesday with a Green auction. On offer will be E1bln of the 0% Oct-25 Green Bobl (ISIN: DE0001030716) alongside E1bln of the 2.30% Feb-33 Green Bund (ISIN: DE000BU3Z005).
  • On Wednesday, Italy will come to the market to hold a 5/10-year BTP and CCTeu auction. The 5/10-year BTPs that were launched at the February auction will be reopened: E3.0-3.5bln of the 3.35% Jul-29 BTP (ISIN: IT0005584849) and E3.0-3.5bln of the 3.85% Jul-34 BTP (ISIN: IT0005584856). Alongside these there will also be E1.00-1.25bln of the off-the-run 5-year 3.85% Dec-29 BTP (ISIN: IT0005519787) and E1.0-1.5bln of the 1.15% Oct-31 CCTeu (ISIN: IT0005554982) on offer.
  • Finally on Wednesday, Germany will conclude EGB issuance for the quarter with E3bln of the 7-year 2.40% Nov-30 Bund (ISIN: DE000BU27006) on offer.
NET NOMINAL FLOWS: The week ahead sees redemptions of E33.5bln with the vast majority (E33.4bln) from a formerly 5-year OAT. Coupon payments will be E4.5bln (of which E3.9bln are Belgian and E0.6bln Italian). This leaves estimated net flows for the week at negative E21.3bln,versus positive E35.0bln this week.
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