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EUROZONE ISSUANCE: EGB Supply - W/C 18 November (1/2)

EUROZONE ISSUANCE
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

The EU will hold a syndication, whilst Slovakia, Belgium, Finland, Greece, Germany, Spain and France will hold auctions in the week ahead. We pencil in gross issuance for the week at E31.7bln, up from E23.1bln this week. For a number of countries this will be the last significant week of issuance in 2024.

  • The EU will hold a syndication in the week ahead. We don’t have a strong view surrounding what will be on offer, but we note that if this auction is a large enough size it is likely to be the last of the year, with the syndication pencilled in for the W/C 9 December only a reserve operation.
  • On Monday, Slovakia will hold a SlovGB auction, selling the long 3-year 3.00% Feb-28 SlovGB (ISIN: SK4000024683), the 3.625% Jun-33 SlovGB (ISIN: SK4000023230), the on-the-run 10-year 3.75% Mar-34 SlovGB (ISIN: SK4000024865) and the 0.375% Apr-36 SlovGB (ISIN: SK4000018958).
  • Also on Monday, 18 November, Belgium will hold a conventional auction with on-the-run 10/20-year OLOs on offer for a combined E1.6-2.0bln (a smaller auction than we had expected). On offer will be the 2.85% Oct-34 OLO (ISIN: BE0000360694) alongside the 3.45% Jun-43 OLO (ISIN: BE0000359688)
  • On Tuesday, Finland will hold its last conventional auction of the year with up to E1.0bln on offer of the short 5-year 2.875% Apr-29 RFGB (ISIN: FI4000557525) and the on-the-run 10-year 3.00% Sep-34 RFGB (ISIN: FI4000571104).
  • On Wednesday, Greece will hold a GGB auction. We pencil in a reopening of the 10-year on-the-run 3.375% Jun-34 GGB (ISIN: GR0124040743) for E200-250mln. Both the GGB on offer and the size will be announced the preceding day.
  • Also on Wednesday, Germany will hold a 30-year bund auction. On offer will be E1bln of the 0% Aug-52 Bund (ISIN: DE0001102572) alongside a further E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
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The EU will hold a syndication, whilst Slovakia, Belgium, Finland, Greece, Germany, Spain and France will hold auctions in the week ahead. We pencil in gross issuance for the week at E31.7bln, up from E23.1bln this week. For a number of countries this will be the last significant week of issuance in 2024.

  • The EU will hold a syndication in the week ahead. We don’t have a strong view surrounding what will be on offer, but we note that if this auction is a large enough size it is likely to be the last of the year, with the syndication pencilled in for the W/C 9 December only a reserve operation.
  • On Monday, Slovakia will hold a SlovGB auction, selling the long 3-year 3.00% Feb-28 SlovGB (ISIN: SK4000024683), the 3.625% Jun-33 SlovGB (ISIN: SK4000023230), the on-the-run 10-year 3.75% Mar-34 SlovGB (ISIN: SK4000024865) and the 0.375% Apr-36 SlovGB (ISIN: SK4000018958).
  • Also on Monday, 18 November, Belgium will hold a conventional auction with on-the-run 10/20-year OLOs on offer for a combined E1.6-2.0bln (a smaller auction than we had expected). On offer will be the 2.85% Oct-34 OLO (ISIN: BE0000360694) alongside the 3.45% Jun-43 OLO (ISIN: BE0000359688)
  • On Tuesday, Finland will hold its last conventional auction of the year with up to E1.0bln on offer of the short 5-year 2.875% Apr-29 RFGB (ISIN: FI4000557525) and the on-the-run 10-year 3.00% Sep-34 RFGB (ISIN: FI4000571104).
  • On Wednesday, Greece will hold a GGB auction. We pencil in a reopening of the 10-year on-the-run 3.375% Jun-34 GGB (ISIN: GR0124040743) for E200-250mln. Both the GGB on offer and the size will be announced the preceding day.
  • Also on Wednesday, Germany will hold a 30-year bund auction. On offer will be E1bln of the 0% Aug-52 Bund (ISIN: DE0001102572) alongside a further E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).