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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 this week. We look for estimated gross nominal issuance of E21.8bln from announced operations (excluding the Italian exchange), up from last week’s E7.3bln.

  • Italy will hold an exchange auction this morning 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 today, 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.
  • Tomorrow, 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 tomorrow, 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.
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