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EGB Supply - W/C November 21, 2022

EUROZONE ISSUANCE

Slovakia, Germany and Italy will look to issue bonds this week. We look for estimated gross nominal issuance of E8.2bln from announced operations, down from this week’s E41.1bln.

  • Slovakia will kick off issuance for the week this morning with a target of E467mln of SlovGBs on offer: E117.3mln of the 0% Jun-24 SlovGB (ISIN: SK4000017398), E100mln of the 0.25% May-25 SlovGB (ISIN: SK4000017158), E100mln of the 4.00% Oct-32 SlovGB (ISIN: SK4000021986) and E150mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958).
  • Tomorrow, Germany will look to reopen the 1.30% Oct-27 Bobl (ISIN: DE0001141869) for E3bln.
  • Germany will return to the market on Wednesday with E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) on offer.
  • On Thursday, Italy will come to the market to hold a BTP Short Term / BTPei auction. Details will be announced later today.

NET NOMINAL FLOWS: This week will see a E10.5bln Austrian formerly 10-year RAGB mature while coupon payments of E2.6bln are expected (E2.1bln Spanish and E0.4bln Belgian). With estimated gross issuance of E8.2bln, MNI estimates net nominal issuance of negative E4.9bln this week, down from last week’s positive E35.4bln.

For more on the week ahead's issuance see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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