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EGB Supply - W/C 27 Feb, 2023 (1/2)

EUROZONE ISSUANCE

The EU, the Netherlands, Germany, Spain and France all look to hold auctions this week. We pencil in gross nominal issuance of E32.7bln this week, down from last week’s E41.8bln.

  • The EU will kick off issuance today with up to E2bln of the 0.80% Jul-25 EU-bond (ISIN: EU000A3K4DJ5) and up to E2bln of the 0% Oct-28 EU-bond (ISIN: EU000A3KWCF4) on offer.
  • Tomorrow, the Netherlands will look to sell E1.5-2.5bln of the 15-year 0% Jan-38 DSL (ISIN: NL0015000B11).
  • Also tomorrow, Germany will come to the market to offer E6bln of the 2.50% Mar-25 Schatz (ISIN: DE000BU22007).
  • Germany will kick off March issuance on Wednesday with a 15-year Bund auction. On offer will be E1.5bln of the 1.00% May-38 Bund (ISIN: DE0001102598) and E1.0bln of the 4.25% Jul-39 Bund (ISIN: DE0001135325).

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