-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
-
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessEGB Supply W/C Jan 16, 2022
Slovakia, Germany, Finland, Spain and France are all due to hold auctions next week while we also pencil in a Greek syndication. We look for gross nominal issuance at first round operations of E30.5bln for these deals, down from E51.5bln this week.
- The week ahead should be a little quieter for syndications. We see a good chance of a Greek syndication. We do not have a strong conviction on what maturity will be on offer but think it would be unlikely to see a new 10-year GGB with a maturity in 2033 given that there is already over E12bln of debt servicing costs in that year (and the PDMA at present is keeping debt servicing costs below E13bln per year). in contrast there is plenty of scope to reopen the 1.75% Jun-32 GGB that was launched in June 2022 with just E3.7bln outstanding and only around E9bln of debt servicing costs due in 2032 at present. MNI also thinks there is a chance that a new 2034 bond is launched in 2023 (although the launch of this could be delayed to January 2024).
- In terms of auctions, Slovakia will kick off on Monday with the 4-year 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 4.00% 10-year Oct-32 SlovGB (ISIN: SK4000021986), the 15-year 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and the 25-year 2.00% Oct-47 SlovGB (ISIN: SK4120013400) all on offer.
- On Tuesday, Germany will look to launch the new Apr-28 Bobl (ISIN: DE000BU25000) via auction for E5bln. The coupon will be confirmed on Monday but is expected to be at least 2%.
- Also Tuesday, Finland will look to sell up to E750mln of each of the 5-year 1.375% Apr-27 RFGB (ISIN: FI4000527551) and the 10-year 1.50% Sep-32 RFGB (ISIN: FI4000523238).
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
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.