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EGB Supply: W/C 26 February, 2024 (1/2)

EUROZONE ISSUANCE

The Netherlands, Germany, Italy and Belgium are all due to issue in the week ahead. We pencil in estimated gross issuance for the week at E14.5bln, down from E28.6bln last week.

  • Tomorrow, the Netherlands will come to the market to sell E1.5-2.0bln of the 3.25% Jan-44 Green DSL (ISIN: NL0015001RG8). This will be the first reopening of the bond since it was launched via DDA in October.
  • Also tomorrow, Germany will look to sell E1bln of the 0% Aug-50 Green Bund (ISIN: DE0001030724).
  • On Wednesday, Italy will come to the market to hold a 5/10-year BTP and CCTeu auction, including launches of 5/10-year BTPs with a total auction size of up to E9.75bln: E3.50-3.75bln of the new 5-year 3.35% Jul-29 BTP (we had only expected an outside chance of this being launched this week - instead thinking a February launch was more likely), E4.0-4.5bln of the new 10-year 3.85% Jul-34 BTP (in line with MNI's expectation) and E1.0-1.5bln of the 1.15% Oct-31 CCTeu (ISIN: IT0005554982).
  • Also on Wednesday, Germany will return to the market to hold a 15-year Bund auction. On offer will the E1bln of the on-the-run 1.00% May-38 Bund (ISIN: DE0001102598) alongside E500mln of the 3.25% Jul-42 Bund (ISIN: DE0001135432).

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