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EGB Supply - W/C February 6, 2023

EUROZONE ISSUANCE

Germany and Portugal are both still due to issue this week while France, the Netherlands, Austria and Germany have already come to the market this week. Announced issuance this week is currently likely to be running at E18.4bln. Even if we are to see further syndications, gross nominal issuance is likely to be substantially less than last week’s E47.5bln.

  • On Wednesday, Germany will return to the market with E4bln of the 7-year 2.10% Nov-29 Bund (ISIN: DE0001102622) on offer.
  • Portugal will draw auction issuance to an end on Wednesday with E0.75-1.00bln of the 1.65% Jul-32 OT (ISIN: PTOTEYOE0031) on offer.
  • In terms of other syndications we had originally thought there was potential for a Belgian 20/30-year OLO, Italy (potentially CCTeu or BTPei) as well as a Spanish longer-dated Obli (possibly 15-year). However, we now think it’s unlikely that we would see all three transactions this week.
For more on this week's issuance see the PDF here:

EZ230208.pdf

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