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EUROZONE ISSUANCE: EGB Supply - W/C 27 Jan (1/2)

EUROZONE ISSUANCE

The EU, the Netherlands, Italy, and Germany are all due to hold auctions in the upcoming week. We also pencil in a syndication from Germany. We look for estimated gross issuance for the week at E35.4bln, down from E57.2bln this week.

  • On Monday, the EU will hold an auction to sell up to E3bln of the 5-year 2.875% Oct-29 EU-bond (ISIN: EU000A3L1CN4) and up to E2bln of the 10-year 3.00% Dec-34 EU-bond (ISIN: EU000A3K4ES4).
  • On Tuesday, the Netherlands will hold an auction to sell E2.0-2.5bln of the 5-year 2.50% Jan-30 DSL (ISIN: NL0015001DQ7).
  • Following this on Tuesday, Italy will hold a BTP Short Term and BTPei auction. As we expected, the new 2.55% Feb-27 BTP Short Term (ISIN: IT0005633794) will be launched for E2.75-3.0bln. Alongside this, E1.00-1.25bln of the 1.50% May-29 BTPei (ISIN: IT0005543803) and E1.00-1.25bln of the 1.80% May-36 BTPei (ISIN: IT0005588881) will be on offer.
  • Also on Tuesday, Germany will sell E5bln of the new Mar-27 Schatz (ISIN: DE000BU22080). The coupon will be announced the preceding day.
  • On Wednesday, Germany will return to the market to sell E4.5bln of the 10-year 2.50% Feb-35 Bund (ISIN: DE000BU2Z049).
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The EU, the Netherlands, Italy, and Germany are all due to hold auctions in the upcoming week. We also pencil in a syndication from Germany. We look for estimated gross issuance for the week at E35.4bln, down from E57.2bln this week.

  • On Monday, the EU will hold an auction to sell up to E3bln of the 5-year 2.875% Oct-29 EU-bond (ISIN: EU000A3L1CN4) and up to E2bln of the 10-year 3.00% Dec-34 EU-bond (ISIN: EU000A3K4ES4).
  • On Tuesday, the Netherlands will hold an auction to sell E2.0-2.5bln of the 5-year 2.50% Jan-30 DSL (ISIN: NL0015001DQ7).
  • Following this on Tuesday, Italy will hold a BTP Short Term and BTPei auction. As we expected, the new 2.55% Feb-27 BTP Short Term (ISIN: IT0005633794) will be launched for E2.75-3.0bln. Alongside this, E1.00-1.25bln of the 1.50% May-29 BTPei (ISIN: IT0005543803) and E1.00-1.25bln of the 1.80% May-36 BTPei (ISIN: IT0005588881) will be on offer.
  • Also on Tuesday, Germany will sell E5bln of the new Mar-27 Schatz (ISIN: DE000BU22080). The coupon will be announced the preceding day.
  • On Wednesday, Germany will return to the market to sell E4.5bln of the 10-year 2.50% Feb-35 Bund (ISIN: DE000BU2Z049).