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EGB Supply – W/C 27 May, 2024

EUROZONE ISSUANCE
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The Netherlands, Italy, Germany and Finland are all due to hold auctions in the upcoming week, while the EU and Belgium have already come to the market. On the syndication side, we see Spain as the most likely candidate to hold a syndication. We pencil in estimated gross issuance for the week at E38.5bln, up from E26.7bln last week, but net flows will turn negative given the scale of redemptions due.

  • This morning, the Netherlands will look to sell E1.5-2.0bln of the short 15-year 0% Jan-38 DSL (ISIN: NL0015000B11).
  • Also today, Italy will look to hold a BTP Short Term / BTPei auction. On offer will be E1.5-1.75bln of the 0% Dec-24 BTP (ISIN: IT0005474330), E2.25-2.75bln of the on-the-run 3.20% Jan-26 BTP Short Term (ISIN: IT0005584302) and E1.0- 1.5bln of the 0.10% May-33 BTPei (ISIN: IT0005482994).
  • Finally today, Germany will look to hold a Green auction. On offer will be E1bln of the 2.10% Apr-29 Green Bobl (ISIN: DE000BU35025) and E1bln of the 2.30% Feb-33 Green Bund (ISIN: DE000BU3Z005).
  • Germany will return to the market on Wednesday to hold a 15-year Bund auction. On offer will be E500mln of the 1.00% May-38 Bund (ISIN: DE0001102598) alongside E1.5bln of the 2.60% May-41 Bund (ISIN: DE000BU2F009).
  • Italy will return to the market on Thursday with a 5/10-year BTP and CCTeu auction. On offer will be E2.0-2.5bln of the on-the-run 3.35% Jul-29 BTP (ISIN: IT0005584849), E1.0-1.5bln of the 3.85% Dec-29 BTP (ISIN: IT0005519787), E3.0-3.5bln of the on-the-run 3.85% Jul-34 BTP (ISIN: IT0005584856), E0.75-1.0bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467) and E0.75-1.0bln of the 0.65% Apr-29 CCTeu (ISIN: IT0005451361).
  • Finland will conclude issuance for the month, also on Thursday, with up to E400mln available through its ORI Facility
  • Belgium opened its books for its latest retail -only State Bond (Bons d’État) subscription on Friday 24 May. Books will remain open until Monday 3 June inclusive. On offer will be a 1-year 3.20% Jun-25 issue (ISIN: BE3871296260) and an 8- year 2.80% Jun-32 issue (ISIN: BE3871297276).

For more on this week's issuance and a look ahead to next week's supply see the PDF here:

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The Netherlands, Italy, Germany and Finland are all due to hold auctions in the upcoming week, while the EU and Belgium have already come to the market. On the syndication side, we see Spain as the most likely candidate to hold a syndication. We pencil in estimated gross issuance for the week at E38.5bln, up from E26.7bln last week, but net flows will turn negative given the scale of redemptions due.

  • This morning, the Netherlands will look to sell E1.5-2.0bln of the short 15-year 0% Jan-38 DSL (ISIN: NL0015000B11).
  • Also today, Italy will look to hold a BTP Short Term / BTPei auction. On offer will be E1.5-1.75bln of the 0% Dec-24 BTP (ISIN: IT0005474330), E2.25-2.75bln of the on-the-run 3.20% Jan-26 BTP Short Term (ISIN: IT0005584302) and E1.0- 1.5bln of the 0.10% May-33 BTPei (ISIN: IT0005482994).
  • Finally today, Germany will look to hold a Green auction. On offer will be E1bln of the 2.10% Apr-29 Green Bobl (ISIN: DE000BU35025) and E1bln of the 2.30% Feb-33 Green Bund (ISIN: DE000BU3Z005).
  • Germany will return to the market on Wednesday to hold a 15-year Bund auction. On offer will be E500mln of the 1.00% May-38 Bund (ISIN: DE0001102598) alongside E1.5bln of the 2.60% May-41 Bund (ISIN: DE000BU2F009).
  • Italy will return to the market on Thursday with a 5/10-year BTP and CCTeu auction. On offer will be E2.0-2.5bln of the on-the-run 3.35% Jul-29 BTP (ISIN: IT0005584849), E1.0-1.5bln of the 3.85% Dec-29 BTP (ISIN: IT0005519787), E3.0-3.5bln of the on-the-run 3.85% Jul-34 BTP (ISIN: IT0005584856), E0.75-1.0bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467) and E0.75-1.0bln of the 0.65% Apr-29 CCTeu (ISIN: IT0005451361).
  • Finland will conclude issuance for the month, also on Thursday, with up to E400mln available through its ORI Facility
  • Belgium opened its books for its latest retail -only State Bond (Bons d’État) subscription on Friday 24 May. Books will remain open until Monday 3 June inclusive. On offer will be a 1-year 3.20% Jun-25 issue (ISIN: BE3871296260) and an 8- year 2.80% Jun-32 issue (ISIN: BE3871297276).

For more on this week's issuance and a look ahead to next week's supply see the PDF here:

Keep reading...Show less