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EGB Supply - W/C November 14, 2022

EUROZONE ISSUANCE

The EU, Italy, Germany, Finland, Spain and France all still look to issue bonds in the upcoming week while Greece came to the market yesterday. We look for estimated gross nominal issuance of E35.8bln from announced operations, up from this week’s E22.8bln.

  • The EU will look to hold a syndication on Tuesday with a new long 10-year Feb-33 Green bond and a E2.5bln WNG Mar-53 MRA bond on offer.
  • Also Tuesday, Germany will look to sell E4bln of the 7-year 2.10% Nov-29 Bund (ISIN: DE0001102622).
  • Concluding Tuesday’s issuance, Finland will look to sell up to E1.5bln of 5/25-year RFGBs: up to E750mln of the 1.375% Apr-27 RFGB (ISIN: FI4000527551) and up to E750mln of the 1.375% Apr-47 RFGB (ISIN: FI4000242870).
  • Retail books opened on a new 6-year Nov-28 BTP Italia with a guaranteed minimum coupon of 1.60%. Yesterday saw E3.185bln of orders. The first three days will be reserved for retail investors with the Thursday second round for institutional investors. This will be the second BTP Italia of the year after the 8-year launch in June which saw E7.261bln of retail orders and E2.179bln of institutional.

For more on this week's issuance see the PDF here:

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The EU, Italy, Germany, Finland, Spain and France all still look to issue bonds in the upcoming week while Greece came to the market yesterday. We look for estimated gross nominal issuance of E35.8bln from announced operations, up from this week’s E22.8bln.

  • The EU will look to hold a syndication on Tuesday with a new long 10-year Feb-33 Green bond and a E2.5bln WNG Mar-53 MRA bond on offer.
  • Also Tuesday, Germany will look to sell E4bln of the 7-year 2.10% Nov-29 Bund (ISIN: DE0001102622).
  • Concluding Tuesday’s issuance, Finland will look to sell up to E1.5bln of 5/25-year RFGBs: up to E750mln of the 1.375% Apr-27 RFGB (ISIN: FI4000527551) and up to E750mln of the 1.375% Apr-47 RFGB (ISIN: FI4000242870).
  • Retail books opened on a new 6-year Nov-28 BTP Italia with a guaranteed minimum coupon of 1.60%. Yesterday saw E3.185bln of orders. The first three days will be reserved for retail investors with the Thursday second round for institutional investors. This will be the second BTP Italia of the year after the 8-year launch in June which saw E7.261bln of retail orders and E2.179bln of institutional.

For more on this week's issuance see the PDF here:

Keep reading...Show less