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EUROZONE ISSUANCE: EGB Supply

EUROZONE ISSUANCE
EurozoneBulletMarketsFixed Income Bullets

Italy and Germany look to hold conventional auctions, Finland will hold an ORI auction while Belgium has books open for a retail-only Bons d’Etat this week. Italy has already held a specialist tap whilst the EU held an auction already this week. We pencil in estimated gross issuance for the week at E22.3bln, down from E34.8bln last week.

  • Today, Italy will hold a BTP Short Term/BTPei auction. On offer will be E1.5-2.0bln of the on-the-run 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269), E0.75-1.00bln of the 1.50% May-29 BTPei (ISIN: IT0005543803) and E500-750mln of the 0.10% May-33 BTPei (ISIN: IT0005482994).
  • Also today, Germany will sell E4bln of the 2.50% Oct-29 Bobl (ISIN: DE000BU25034).
  • On Thursday, Italy will return to hold a 5/9/10-year BTP and CCTeu auction. On offer will be E2.75-3.25bln of the on-the-run 5-year 3.00% Oct-29 BTP (ISIN: IT0005611055), E1.0-1.5bln of the 2.45% Sep-33 BTP (ISIN: IT0005240350), E1.75-2.00bln of the on-the-run 10-year 3.85% Feb-35 BTP (ISIN: IT0005607970) and E1.0-1.5bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467).
  • On Thursday, Finland will hold an ORI operation to sell up to E0.4bln.
  • Through the week (25 Nov – 3 Dec), Belgium will have books open for a retail-only Bons d’Etat. On offer will be a 1 -year 2.20% Dec-25 issue and an 8-year 2.80% Dec-32 issue.

For more on this week's issuance and a look ahead to next week see the PDF here: EZ241126.pdf

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Italy and Germany look to hold conventional auctions, Finland will hold an ORI auction while Belgium has books open for a retail-only Bons d’Etat this week. Italy has already held a specialist tap whilst the EU held an auction already this week. We pencil in estimated gross issuance for the week at E22.3bln, down from E34.8bln last week.

  • Today, Italy will hold a BTP Short Term/BTPei auction. On offer will be E1.5-2.0bln of the on-the-run 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269), E0.75-1.00bln of the 1.50% May-29 BTPei (ISIN: IT0005543803) and E500-750mln of the 0.10% May-33 BTPei (ISIN: IT0005482994).
  • Also today, Germany will sell E4bln of the 2.50% Oct-29 Bobl (ISIN: DE000BU25034).
  • On Thursday, Italy will return to hold a 5/9/10-year BTP and CCTeu auction. On offer will be E2.75-3.25bln of the on-the-run 5-year 3.00% Oct-29 BTP (ISIN: IT0005611055), E1.0-1.5bln of the 2.45% Sep-33 BTP (ISIN: IT0005240350), E1.75-2.00bln of the on-the-run 10-year 3.85% Feb-35 BTP (ISIN: IT0005607970) and E1.0-1.5bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467).
  • On Thursday, Finland will hold an ORI operation to sell up to E0.4bln.
  • Through the week (25 Nov – 3 Dec), Belgium will have books open for a retail-only Bons d’Etat. On offer will be a 1 -year 2.20% Dec-25 issue and an 8-year 2.80% Dec-32 issue.

For more on this week's issuance and a look ahead to next week see the PDF here: EZ241126.pdf