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EGB Supply W/C Feb 6, 2023 (1/2)

EUROZONE ISSUANCE

The Netherlands, Austria, Germany and Portugal are the only countries with auctions in the calendar for next week. However, we expect a pickup in syndications next week with potential transactions from Belgium, France, Italy and Spain. If we were to see all of these deals we could see gross issuance as high as E34.4bln, with scheduled auctions making up E13.4bln. Either way, we would look for gross nominal issuance of less than this week’s E43.8bln.

  • On Tuesday, the Netherlands will launch its new 10-year 2.50% Jul-33 DSL (ISIN: NL0015001AM2) via DDA for E4-6bln. We expect strong demand with the top of the target range achieved.
  • Also Tuesday, Austria will hold a larger-than-usual auction of E1.725bln. On offer will be the 10-year 2.90% Feb-33 RAGB (ISIN: AT0000A324S8) that was launched via syndication last month as well as the 0% Oct-40 RAGB (ISIN: AT0000A2KQ43).
  • Finally on Tuesday, Germany will look to sell linkers: E500mln of the 0.10% Apr-26 ILB (ISIN: DE0001030567) and E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575) will be on offer.

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