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EGB Supply - W/C January 23, 2023

EUROZONE ISSUANCE

Germany and Italy are still due to hold auctions with a Spanish syndication due. The Netherlands and Germany have already held auctions while the EU has already held a syndication. We look for gross nominal issuance at first round operations of E25.0bln for these deals, down from last week’s E32.6bln.

  • Spain announced a mandate to hold a syndication to launch a new 10-year Apr-33 Obli. As we outlined in both the week ahead EGB Issuance, Redemption and Cash Flow Matrix and the Eurozone Issuance Deep Dive 2023 Outlook, MNI had long penciled in this transaction to take place this week and we look for a E10bln transaction size.
  • Germany will return to the market on Wednesday with E1.5bln of the 15-year 1.00% May-38 Bund (ISIN: DE0001102598) on offer.
  • Italy will conclude issuance for the week on Thursday. Instead of issuing a new BTP Short Term (which we had expected) it will reopen two existing BTPs: E1.00-1.25bln of the 1.50% Jun-25 BTP (ISIN: IT0005090318) and E1.5-2.0bln of the 2.50% Nov-25 BTP (ISIN: IT0005345183). Also on offer will be E1.25-1.75bln of the 0.10% May-33 BTPei (ISIN: IT0005482994).
For more on this week's issuance see the PDF here:

EZ230125.pdf

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