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EGB Supply - W/C February 13, 2023

EUROZONE ISSUANCE

Italy, Spain and France are all still due to come to the market this week while the EU, Italy, Belgium, Slovakia and Germany have all come to the market already. We look for gross issuance of E51.9bln, from announced transactions this week, notably more than last week’s E18.7bln.

  • Italy has announced that it will issue a new 30-year Oct-53 BTP via syndication in the “near future”. We had suspected a syndication would take place this week, even more so following the announcement that the longest maturity BTP on offer at Tuesday’s auction would be the 15-year BTP. We expect the transaction to take place on Thursday and pencil in a transaction size of E6-7bln.
  • Spain will come to the market on Thursday to sell a combined E5.5-6.5bln of Oblis. On offer will be the on-the-run 7-year Obli as well as off-the-run 4/9-year Oblis: the 0.80% Jul-27 Obli (ISIN: ES0000012G26), the 0.80% Jul-29 Obli (ISIN: ES0000012K53) and the 2.55% Oct-32 Obli (ISIN: ES0000012K61).
  • France will then look to launch its new 3-year OAT as part of its MT OAT auction. A combined E10.0-11.5bln of the new 2.50% Sep-26 OAT, the 0.75% Feb-28 OAT (ISIN: FR001400AIN5) and the 2.50% May-30 OAT (ISIN: FR0011883966) will be on offer.
  • France will return to the market later on Thursday to sell E1.25-1.75bln of linkers. On offer will be the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Mar-32 OATi (ISIN: FR0014003N51) and the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0).
For more on this week's issuance see the PDF here:

EZ230216.pdf

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