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EGB Supply: W/C 27 May, 2024 (1/2)

EUROZONE ISSUANCE

The EU, Belgium, the Netherlands, Italy, Germany and Finland all look to hold auctions in the upcoming week. On the syndication side, we see Spain as the most likely candidate to hold a syndication in our view. We pencil in estimated gross issuance for the week at E37.8bln, up from E26.7bln this week, but net flows will turn negative given the scale of redemptions due.

  • The EU will look to kick off issuance for the week on Monday. On offer will be up to E2.5bln of the on-the-run long 3-year 2.875% Dec-27 EU-bond (ISIN: EU000A3K4EW6) which was launched last month via syndication alongside up to E2.5bln of the short 20-year 1.25% Feb-43 Green EU-bond (ISIN: EU000A3K4DG1).
  • Belgium will also look to hold a conventional auction on Monday with E2.0-2.5bln combined of on-the-run 10/30-year OLOs on offer: the 2.85% Oct-34 OLO (ISIN: BE0000360694) and the 3.50% Jun-55 OLO (ISIN: BE0000361700).
  • On Tuesday, the Netherlands will look to sell E1.5-2.0bln of the short 15-year 0% Jan-38 DSL (ISIN: NL0015000B11).
  • Also on Tuesday, 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).
  • Rounding off Tuesday’s issuance, 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).
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