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EGB Supply: W/C 8 April 2024 (1/2)

EUROZONE ISSUANCE

The EU, Austria, Germany, Italy and potentially Portugal are all due to issue in the week ahead. We pencil in estimated gross issuance for the week at E27.0bln, a little lower than the E29.1bln this week. In terms of syndications we see Finland, Greece, Italy and Spain as the most likely candidates this week. However, any syndications are likely to be on Tuesday or Wednesday so that they are not ongoing through the ECB meeting and we would be surprised to see more than 1-2 syndicated deals this week.

  • The EU will look to kick off issuance for the week on Monday with an auction of on-the-run 7/10-year EU-bonds on offer for up to E2.5bln each: the 3.125% Dec-30 EU-bond (ISIN: EU000A3LNF05) and the 3.00% Dec-34 EU-bond (ISIN: EU000A3K4ES4).
  • On Tuesday, Austria will come to the market to hold an RAGB auction with another auction size of E2.0125bln (we look for E1.75bln to be allotted). On offer will be the 0.50% Feb-29 RAGB (ISIN: AT0000A269M8) and the 2.90% Feb-34 RAGB (ISIN: AT0000A39UW5).
  • Also on Tuesday, Germany wlll come to the market to sell E4bln of the 2.10% Apr-29 Bobl (ISIN: DE000BU25026).

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