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EGB Supply - W/C 8 July, 2024 (1/2)

EUROZONE ISSUANCE

The Netherlands, Austria, Germany and Italy all look to hold auctions in the upcoming week, whilst the EU will look to hold a syndication. We pencil in an estimated gross issuance for the week at E21.9bln, down from E23.4bln last week.

  • The EU will look to hold its first syndication in H2 in the upcoming week. We don’t have a high conviction around which bonds will be on offer, but we do think there is a good chance that we see a dual-tranche syndication.
  • Tomorrow, the Netherlands will kick off issuance for the week by holding a conventional auction with E1.5-2.0bln of the 3.25% Jan-44 Green DSL (ISIN: NL0015001RG8) on offer.
  • Also tomorrow, Austria will sell a combined E1.438bln of the 2.90% May-29 Green RAGB (ISIN: AT0000A33SH3) and the 3.15% Jun-44 RAGB (ISIN: AT0000A0VRQ6).

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