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EGB Supply: W/C 28 Aug, 2023 (1/2)

EUROZONE ISSUANCE

The EU, Germany, Italy and Belgium all look to issue in the week ahead. We pencil in gross nominal issuance of E18.8bln, up from E15.1bln last weel.

  • The EU will kick off issuance for the week today with a 3/18-year EU-bond auction: Up to E1.5bln of the on-the-run 3-year 2.75% Oct-26 EU-bond (ISIN: EU000A3K4D82) and up to E1.5bln of the 0.45% Jul-41 EU-bond (ISIN: EU000A3KT6B1).
  • Tomorrow, Germany will look to sell E4bln of the 2.40% Oct-28 Bobl (ISIN: DE000BU25018).
  • On Wednesday, Italy will hold a 5/10-year BTP / CCTeu auction for up to E10bln (including the launch of a new 10-year BTP). On off will be E2.75-3.25bln of the on-the-run 5-year 3.80% Aug-28 BTP (ISIN: IT0005548315), E1.0-1.5bln of the previous on-the-run 10-year 4.35% Nov-33 BTP (ISIN: IT0005544082), E3.25-3.75bln of the new 10-year 4.20% Mar-34 BTP (ISIN: TBC) and E1.0-1.5bln of the 1.15% Oct-31 CCTeu (ISIN: IT0005554982).
  • Also on Wednesday, Germany will look to sell E1.5bln of the 1.30% Oct-27 Green Bobl (ISIN: DE0001030740) which has a residual maturity of just over four years.

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