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EGB Supply - W/C January 30, 2023

EUROZONE ISSUANCE

Italy, Germany, Spain, France and Belgium are all due to come to the market this week while the EU sold bonds yesterday. We look for gross nominal issuance at first round operations of E41.6bln for these deals, up from last week’s E32.0bln.

  • This morning, Italy will come to the market with on-the-run 5/10-year BTPs and the on-the-run CCTeu on offer: E3.5-4.0bln of the 3.40% Apr-28 BTP (ISIN: IT0005521981), E3.0-3.5bln of the 4.4% May-33 BTP (ISIN: IT0005518128) and E1.0-1.5bln of the 0.50% Apr-26 CCTeu (ISIN: IT0005428617).
  • Also this morning, Germany will conclude January’s issuance with E6bln of the new 2.50% Mar-25 Schatz (ISIN: DE000BU22007) on offer. The coupon sees another step up in coupons and is higher than the 2.20% seen on the Dec-24 issue.
For more on this week's issuance see the PDF here:

EZ230131.pdf

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