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EGB Supply - W/C January 23, 2023

EUROZONE ISSUANCE

Italy is due to hold an auction today with a Spanish syndication due. The Netherlands and Germany have already held auctions while the EU and Spain have held syndications. We look for gross nominal issuance at first round operations of E32.0bln for these deals, broadly in line with last week’s E32.6bln.

  • Finland announced a mandate yesterday for a new 15-year Apr-38 RFGB. The transaction is likely to take place today and has a size of E3bln WNG. We had pencilled in the transaction taking place towards the end of January or early February but had initially expected it to take place next week.
  • Italy will conclude auctions 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:

EZ230126.pdf

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