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EGB Supply W/C Feb 20, 2023 (1/2)

EUROZONE ISSUANCE
MNI (London)

Slovakia, Germany and Italy are due to hold auctions this week while the ESM, Slovenia and Spain are also likely to hold syndications. We pencil in gross nominal issuance of E31.0bln this week, significantly lower than last week’s E51.9bln.

  • The ESM has issued an RFP for a transaction and we pencil in a syndication this week for E2bln.
  • Slovenia announced a cash tender offer to buyback Mar-23 (ISIN SI0002103974) and Sep-24 (ISIN SI0002102984) bonds with the view to holding a syndication this week depending on the takeup. Results of the buyback will be announced on Tuesday with a syndication likely on Wednesday or Thursday.
  • We also think there is a good chance of a Spain syndication next week. The longest-dated Obli on offer at last week’s auction had a maturity of less than 10-years which we think tees up this week nicely for a syndication. We don’t have a strong view on the maturity, but that there is a decent chance of a new 15-year Obli.
  • Slovakia will kick off auction issuance today, with the 2-year 0.25% May-25 SlovGB (ISIN: SK4000017158), the 4- year 0.125% Jun-27 SlovGB (ISIN: SK4000017380) and the 30-year 1.00% Oct-51 SlovGB (ISIN: SK4000019857) all on offer.
  • On Tuesday, Germany will come to the market with E5bln of the 2.20% Apr-28 Bobl (ISIN: DE000BU25000) on offer.
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