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EGB Supply - W/C February 13, 2023

EUROZONE ISSUANCE

Germany, Spain and France are all still due to hold auctions while Belgium and Slovakia are due to hold syndications this week. This is in addition to the EU-bond syndication and Italian auction yesterday. We look for gross issuance of E44.9bln, from announced transactions this week, notably more than last week’s E18.7bln.

  • Belgium has announced it will hold a syndication in the “near future” (in line with our expectations for a transaction this week). It was launch a new long 30-year Jun-54 OLO. We expect the transaction to take place today and pencil in a size of E5bln.
  • Slovakia has also announced a dual-tranche 12/20-year SlovGB syndication for the “near future”. It will look to issue new Feb-35 and Feb-42 SlovGBs in a transaction that is also likely to take place today. We pencil in a combined transaction size of E2.0-3.0bln, with at least E1.0bln of each new issue sold. Slovakia plans to raise E4.0bln in 2023 through syndications.
  • Also this morning, Germany will hold a 30-year Bund auction with E1.0bln of the 1.25% Aug-48 Bund (ISIN: DE0001102432) and E1.5bln of the 0% Aug-52 Bund (ISIN: DE0001102572) on offer.
For more on this week's issuance see the PDF here:

EZ230215.pdf

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