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EGB Supply - W/C March 20, 2023 (1/2)

EUROZONE ISSUANCE

Slovakia, the EU, Belgium, Germany and Finland all look to issue next week. We also potentially look for an Austrian syndication. We pencil in gross nominal issuance of E16.0bln from auctions next week, down from this week’s E41.7bln.

  • Slovakia will kick off next week’s issuance with 2/4/10/12-year SlovGBs on offer: the 0.25% May-25 SlovGB (ISIN: SK4000017158), the 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 4.00% Oct-32 SlovGB (ISIN: SK4000021986) and the 3.75% Feb-35 SlovGB (ISIN: SK4000022539).
  • The EU will then hold an auction to sell up to E2bln of the 2.00% Oct-27 EU-bond (ISIN: EU000A3K4DS6) and up to E2bln of the 1.00% Jul-32 EU-bond (ISIN: EU000A3K4DD8).
  • Belgium will look to conclude Monday’s issuance with a combined E2.9-3.9bln on offer: the 0.80% Jun-27 OLO (ISIN: BE0000341504), the 3.00% Jun-33 OLO (ISIN: BE0000357666) and the 2.75% Apr-39 Green OLO (ISIN: BE0000356650).

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