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EGB Supply - W/C Jul 10, 2023 (1/2)

EUROZONE ISSUANCE

The EU, the Netherlands, Germany, Portugal and Italy all look to issue in the upcoming week. We pencil in gross nominal issuance of E28.3bln, a little higher than the E25.1bln seen this week.

  • The EU will look to hold a syndication in the week. We do not have a strong conviction on which EU-bond(s) will be on offer.
  • The Netherlands will kick off auctions for the week on Tuesday with E2.0-2.5bln of the 7-year 2.50% Jan-30 DSL (ISIN: NL0015001DQ7) on offer.
  • Also Tuesday, Germany will look to sell E5bln of the 2.40% Oct-28 Bobl (ISIN: DE000BU25018).
  • Germany will return to the market on Wednesday with E5bln of the new Aug-33 Bund (ISIN: DE000BU2Z015) on offer.
  • Portugal will also come to the market on Wednesday to hold a 6/12-year OT auction for a combined E0.75-1.00bln. On offer will be the 1.95% Jun-29 OT (ISIN: PTOTEXOE0024) and the 0.90% Oct-35 OT (ISIN: PTOTENOE0034).

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