November 16, 2022 06:46 GMT
EGB Supply - W/C November 14, 2022
EUROZONE ISSUANCE
Italy, Germany, Finland, Spain and France all still look to issue bonds this week while Greece, Germany and the EU have already sold bonds. We look for estimated gross nominal issuance of E36.8bln from announced operations, up from last week’s E22.8bln.
- Retail books remain open on a new 6-year Nov-28 BTP Italia with a guaranteed minimum coupon of 1.60%. Monday saw E3.185bln of orders and Tuesday E2.244bln of order (a combined total of E5.43bln). This is slightly below the first two days sold at the last BTP Italia retail placement in June which saw E5.87bln sold across the first two days. 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.
- Germany will return to the market this morning to offer E1.5bln of the 15-year 1.00% May-38 Bund (ISIN: DE0001102598).
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