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EGB Supply: W/C 7 Aug, 2023

EUROZONE ISSUANCE

Austria and Germany are the only countries scheduled to hold auctions in the week ahead. We pencil in gross nominal issuance of E10.5bln, down from E18.1bln last week.

  • Austria will kick off issuance for the week this morning with an RAGB auction for a total of E1.495bln. On offer will be the off-the-run 5-year 0.75% Feb-28 RAGB (ISIN: AT0000A1ZGE4) alongside the on-the-run 10-year 2.90% Feb-33 RAGB (ISIN: AT0000A324S8). We note that the auction size is in line with that of recent auctions whereas sometimes Austria’s August auction sizes can be a bit smaller than average.
  • Also this morning, Germany will come to the market to sell E4bln of the 2.40% Oct-28 Bobl (ISIN: DE000BU25018).
  • Germany will return to the market on Wednesday with E5bln of the 10-year 2.60% Aug-33 Bund (ISIN: DE000BU2Z015) on offer.

NET NOMINAL FLOWS: The week ahead sees no redemptions and coupons of just E0.1bln. This leaves net flows for the week at an estimated positive E10.4bln versus negative E43.0bln last week.


For more on this week and next week's supply as well as a recap of last week's issuance see the PDF here.

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