MNI BRIEF: Restrictive Fed To Weigh On Demand - Jefferson

MNI BRIEF: Broadbent Says BOE Could Cut "Over the Summer"

MNI China Daily Summary: Monday, May 20

MNI NBH WATCH: Slower Cut Pace, With H1 Goal In Sight

MNI BRIEF: China Welcomes Global Car Makers - NDRC

MNI: PBOC Net Drains CNY2 Bln Via OMO Mon; Rates Unchanged

UKRAINE: Kharkiv Dep Gov-Ukraine Troops Control 60% Of Vovchansk

OIL: March 2024 JODI Oil Data Highlights

GLOBAL POLITICAL RISK: Week Ahead 20-26 May

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGB Supply - W/C 8 May, 2023

EUROZONE ISSUANCE

The EU, Austria, Germany and Italy all look to issue this week. We pencil in gross nominal issuance of E23.7bln from announced operations, up from last week’s E21.7bln.

  • The EU is scheduled to hold a syndication in the upcoming week.
  • Austria will kick off auctions for the week tomorrow with a combined E1.725bln of 10/20-year RAGBs on offer: the 2.90% Feb-33 RAGB (ISIN: AT0000A324S8) and the 3.15% Jun-44 RAGB (ISIN: AT0000A0VRQ6).
  • Also tomorrow, Germany will look to sell E5bln of the 2.20% Apr-28 Bobl (ISIN: DE000BU25000).
  • Wednesday will see Germany return to the market to hold a 30-year Bund auction with E1.0bln of the 0% Aug-50 Bund (ISIN: DE0001102481) on offer alongside E1.5bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
  • On Thursday Italy will look to hold a 3/7/15-50-year BTP auction. We look for reopenings of the 3-year 3.80% Apr-26 BTP (ISIN: IT0005538597) and the 3.70% Jun-30 BTP (ISIN: IT0005542797) but we have less conviction on which 15-50-year BTPs will be on offer. The details of the BTPs on offer will be announced later today.

NET NOMINAL FLOWS: This week sees redemptions totalling just E0.4bln and coupons for the week total E0.2bln. With estimated gross nominal issuance of E23.7bln in the week, we look for net flows of positive E23.2bln in the week, almost reversing the negative E25.5bln seen last week.

For more on this week's issuance, a recap of last week's issuance and a look ahead to next week's issuance see the PDF here.

BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

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.