Free Trial

EGB Supply - W/C February 13, 2023 (1/2)


Italy, Germany, Spain and France will all hold auctions in the week ahead and we also pencil in syndications from the EU, Belgium and Italy. If we were to see all of these deals we could see gross issuance as high as E46.3bln, with scheduled auctions making up E29.3bln. Either way, we would look for gross nominal issuance of more than this week’s E18.5bln.

  • The EU has a syndication scheduled for next week. We expect the transaction to take place on Tuesday with the mandate released on Monday.
  • We still look for a Belgian 20/30-year OLO next week via syndication. We would expect the mandate for this to be announced on Monday and for the auction for 20 February to be cancelled as a result. If we do not receive the mandate on Monday we expect the transaction will be delayed further.
  • We also pencil in an Italian syndication. We think that the probability of this has increased following the announcement that the longest maturity BTP on offer at Tuesday’s auction is the 15-year BTP. We would expect an Italian syndication to take place potentially on Wednesday or even Friday next week.
  • In terms of auctions, Italy will kick off the week on Tuesday with on-the-run 3/7/15-year BTPs on offer: E3.0-3.5bln of the 3.50% Jan26 BTP (ISIN: IT0005514473), E3.0-3.5bln of the 3.85% Dec-29 BTP (ISIN: IT0005519787) and E1.0-1.5bln of the 3.25% Mar-38 BTP (ISIN: IT0005496770)

To read the full story



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.