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EGB Supply - W/C April 4, 2023 (1/2)

EUROZONE ISSUANCE

The Netherlands, Austria, Germany, France and Cyprus all look to issue next week. We pencil in gross nominal issuance of E23.0bln from announced issuance operations next week, down from this week’s E31.7bln.

  • Cyprus is due to hold a syndication shortly with it inaugural Sustainable bond likely to be on offer. We pencil in a transaction size of E1.0bln in line with the 2023 funding guidance.
  • The Netherlands will kick off auctions for the week on Tuesday with E3-5bln of the new 2.50% Jan-30 DSL (ISIN: NL0015001DQ7) on offer.
  • Austria will then look to sell a combined E1.38bln of on-the-run 3/10-year RAGBs: the 2.00% Jul-26 RAGB (ISIN: AT0000A308C5) and the 2.90% Feb-33 RAGB (ISIN: AT0000A324S8).
  • Concluding Tuesday’s issuance Germany will look to sell Index Linked Bunds: E400mln of the 0.10% Apr-33 ILB (ISIN: DE0001030583) and E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575).

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