Free Trial

EGB Supply W/C 28 November (1/2)

EUROZONE ISSUANCE

Italy, the EU, the Netherlands, Germany, Spain and France will all look to issue bonds in the upcoming week. We look for estimated gross nominal issuance of E21.8bln from announced operations (excluding the Italian exchange), up from this week’s E7.3bln.

  • Italy will hold an exchange auction on Monday for up to E5bln. It will look to launch the new 5-year Apr-28 BTP (ISIN: TBC). In exchange, it will buyback the 0% Jul-23 CCTeu (ISIN: IT0005185456), the 0.65% Oct-23 BTP (ISIN: IT0005215246), the 0% Nov-23 BTP Short Term (ISIN: IT0005482309), the 0% Dec-23 CCTeu (ISIN: IT0005399230) and the 0.95% Apr-25 CCTeu (ISIN: IT0005311508).
  • Also Monday, the EU will hold its final auction of 2022 with up to E2.5bln of the 2.00% Oct-27 EU NGEU (ISIN: EU000A3K4DS6) and up to E1.0bln of the 1.25% Feb-43 Green EU (ISIN: EU000A3K4DG1) on offer.
  • On Tuesday, the Netherlands will look to sell E1.0-1.5bln of the 0% Jul-31 DSL (ISIN: NL00150006U0) in an auction that was added to the schedule this week due to additional funding needs.
  • Also Tuesday, Italy will return to the market with E2.5-3.0bln of the 10-year 4.40% May-33 BTP (ISIN: IT0005518128) and E0.75-1.25bln of the 0.75% Oct-30 CCTeu (ISIN: IT0005491250) on offer.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.