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EUROZONE ISSUANCE: EGB Supply - W/C 23 September, 2024 (1/2)

EUROZONE ISSUANCE
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The EU, Belgium, Germany and Italy look to hold auctions, whilst the ESM and potentially Spain are likely to hold syndications in the upcoming week. We pencil in estimated gross issuance for the week at E35.3bln, up from E27.8bln last week.

  • The ESM last Wednesdaysent a Request for Proposal for an upcoming syndication. MNI looks for a E2bln WNG transaction in the upcoming week. We don’t have a strong view on the maturity.
  • The EU will kick off auctions today. On offer is up to E2.5bln of the 2.875% Oct-29 EU-bond (ISIN: EU000A3L1CN4) and up to E2.5bln of the 4.00% Apr-44 EU-bond (ISIN: EU000A3K4EL9).
  • Also today, Belgium will hold a conventional auction with a target range of E2.3-2.8bln. On offer are the 0.90% Jun-29 OLO (ISIN: BE0000347568), the 3.00% Jun-33 OLO (ISIN: BE0000357666), and the 2.75% Apr-39 Green OLO (ISIN: BE0000356650).
    • Note that this is the largest target range since March, with the step up in size likely due to the rollover into Septembers 1-year retail Bons D’Etat falling well short of BDA expectations.

  • Germany tomorrow will sell E4.5bln of the 2.70% Sep-26 Schatz (ISIN: DE000BU22064).

     

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The EU, Belgium, Germany and Italy look to hold auctions, whilst the ESM and potentially Spain are likely to hold syndications in the upcoming week. We pencil in estimated gross issuance for the week at E35.3bln, up from E27.8bln last week.

  • The ESM last Wednesdaysent a Request for Proposal for an upcoming syndication. MNI looks for a E2bln WNG transaction in the upcoming week. We don’t have a strong view on the maturity.
  • The EU will kick off auctions today. On offer is up to E2.5bln of the 2.875% Oct-29 EU-bond (ISIN: EU000A3L1CN4) and up to E2.5bln of the 4.00% Apr-44 EU-bond (ISIN: EU000A3K4EL9).
  • Also today, Belgium will hold a conventional auction with a target range of E2.3-2.8bln. On offer are the 0.90% Jun-29 OLO (ISIN: BE0000347568), the 3.00% Jun-33 OLO (ISIN: BE0000357666), and the 2.75% Apr-39 Green OLO (ISIN: BE0000356650).
    • Note that this is the largest target range since March, with the step up in size likely due to the rollover into Septembers 1-year retail Bons D’Etat falling well short of BDA expectations.

  • Germany tomorrow will sell E4.5bln of the 2.70% Sep-26 Schatz (ISIN: DE000BU22064).