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

EUROZONE ISSUANCE

The EU, the Netherlands, Italy, Germany and Belgium all look to issue next week. We also potentially look for an Austrian syndication. We pencil in gross nominal issuance of E28.0bln from scheduled issuance operations next week, up from this week’s E16.8bln.

  • The EU will come to the market to hold a syndication next week. We don’t have a strong conviction regarding which bonds will be on offer.
  • The Netherlands will kick off auctions for the week on Tuesday with E1.5-2.0bln of the former 30-year benchmark, the 0% Jan-52 DSL (ISIN: NL0015614579).
  • Also Tuesday, Italy will hold its first auction of the week. It will look to reopen the E1.00-1.25bln of the 2.50% Dec-24 BTP (ISIN: IT0005045270) alongside E2.25-2.75bln of the 3.40% Mar-25 BTP Short Term (ISIN: IT0005534281) and E1.0-1.5bln of the 0.10% May-33 BTPei (ISIN: IT0005482994).
  • Finally on Tuesday, Germany looks to sell E5.5bln of the 2.50% Mar-25 Schatz (ISIN: DE000BU22007).

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