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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 bonds this week. We also potentially look for an Austrian syndication. We pencil in gross nominal issuance of E28.0bln from scheduled issuance operations this week, up from last week’s E16.8bln.

  • The EU will come to the market to hold a syndication this 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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