February 21, 2025 15:36 GMT
EUROZONE ISSUANCE: EGB Supply - W/C 24 Feb (1/2)
EUROZONE ISSUANCE
The EU, Belgium, Italy and Germany are all due to hold auctions in the upcoming week. We also pencil in a syndication from Spain. We look for estimated gross issuance for the week of E31.9bln, down from E37.7bln this week.
- On Monday, the EU will hold an EU-bond auction selling up to E2.5bln of the short 3-year 2.875% Dec-27 EU-bond (ISIN: EU000A3K4EW6) and up to E2.5bln of the 15-year 3.375% Oct-39 EU-bond (ISIN: EU000A3LZ0X9).
- Also on Monday, Belgium will hold a conventional auction to sell a combined E2.6-3.0bln of the 2.70% Oct-29 OLO (ISIN: BE0000362716), the 3.00% Jun-34 OLO (ISIN: BE0000333428) and the 1.90% Jun-38 OLO (ISIN: BE0000336454).
- The fact that the longest maturity OLO on offer at the auction has 13-years to maturity increases our conviction that the second Belgian syndication of the year will be a 30-year issue – but we think the timing of that has likely shifted to March instead of February now.
- On Tuesday, Italy will hold a BTP Short Term and BTPei auction. On offer will be E2.5-2.75bln of the 2.55% Feb-27 BTP Short Term (ISIN: IT0005633794) - in line with our expectations - and E1.25-1.5bln of the 1.80% May-36 BTPei (ISIN: IT0005588881).
- Also on Tuesday, Germany will hold a Green auction selling E1.5bln of the 1.80% Aug-53 Green Bund (ISIN: DE0001030757).
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