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

EUROZONE ISSUANCE
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  • 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. We expect reopenings of the on-the-run 5-year 3.35% Jul-29 BTP (ISIN: IT0005584849) alongside the on-the-run 10-year 3.85% Jul-34 BTP (ISIN: IT0005584856) but don’t have a strong conviction for the CCTeu. Details will be confirmed later today.
  • 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 last Friday. 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).
NET NOMINAL FLOWS: This week sees redemptions of E69.8bln: E36.3bln of a formerly 10-year OAT, E14.1bln of a BTP Short Term and E19.5bln of a Spanish formerly 3-year Bono. Coupon payments for the week are E13.8bln: E12.3bln French, E0.8bln Spanish and E0.5bln Italian. This leaves estimated net flows for the week at negative E45.9bln, versus positive E23.0bln last week.

For more on last week's issuance and a look ahead to the next two weeks see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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  • 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. We expect reopenings of the on-the-run 5-year 3.35% Jul-29 BTP (ISIN: IT0005584849) alongside the on-the-run 10-year 3.85% Jul-34 BTP (ISIN: IT0005584856) but don’t have a strong conviction for the CCTeu. Details will be confirmed later today.
  • 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 last Friday. 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).
NET NOMINAL FLOWS: This week sees redemptions of E69.8bln: E36.3bln of a formerly 10-year OAT, E14.1bln of a BTP Short Term and E19.5bln of a Spanish formerly 3-year Bono. Coupon payments for the week are E13.8bln: E12.3bln French, E0.8bln Spanish and E0.5bln Italian. This leaves estimated net flows for the week at negative E45.9bln, versus positive E23.0bln last week.

For more on last week's issuance and a look ahead to the next two weeks see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.