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

EUROZONE ISSUANCE
EurozoneBulletGlobalFixed Income BulletsRegionMarkets
  • Italy will hold a BTP Short Term and BTPei auction on Wednesday. E2.25-2.75bln of the on-the-run 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269) will be on offer alongside E1.00-1.25bln of the 5-year 1.50% May-29 BTPei (ISIN: IT0005543803) and E1.00-1.25bln of the 15-year 2.40% May-39 BTPei (ISIN: IT0005547812)
  • Germany will return to the market on Wednesday to sell E3bln of the 2.40% Nov-30 Bund (ISIN: DE000BU27006).
  • Italy on Friday will conclude the week’s issuance by holding a 5/10-year BTP and CCTeu auction. Details will be announced tomorrow. We expect the on-the-run 5/10-year BTPs to be on offer: the 3.00% Oct-29 BTP (ISIN: IT0005611055) and the 3.85% Feb-35 BTP (ISIN: IT0005607970) alongside either the Apr-29 CCTeu (ISIN: IT0005451361) or the Apr-32 CCTeu (ISIN: IT0005594467).
  • We think there is a good chance for a Spain syndication this week. Spain held syndications in September in 2021 and 2022 (20-year Green and 20-year conventional) and then in 2023 held a syndication in October (15-year linker). We don’t have a strong conviction surrounding the tenor of any remaining Spanish syndication this year, but pencil in a E5bln transaction.

For a recap of last week's issuance and more details on the next two weeks see the: MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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  • Italy will hold a BTP Short Term and BTPei auction on Wednesday. E2.25-2.75bln of the on-the-run 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269) will be on offer alongside E1.00-1.25bln of the 5-year 1.50% May-29 BTPei (ISIN: IT0005543803) and E1.00-1.25bln of the 15-year 2.40% May-39 BTPei (ISIN: IT0005547812)
  • Germany will return to the market on Wednesday to sell E3bln of the 2.40% Nov-30 Bund (ISIN: DE000BU27006).
  • Italy on Friday will conclude the week’s issuance by holding a 5/10-year BTP and CCTeu auction. Details will be announced tomorrow. We expect the on-the-run 5/10-year BTPs to be on offer: the 3.00% Oct-29 BTP (ISIN: IT0005611055) and the 3.85% Feb-35 BTP (ISIN: IT0005607970) alongside either the Apr-29 CCTeu (ISIN: IT0005451361) or the Apr-32 CCTeu (ISIN: IT0005594467).
  • We think there is a good chance for a Spain syndication this week. Spain held syndications in September in 2021 and 2022 (20-year Green and 20-year conventional) and then in 2023 held a syndication in October (15-year linker). We don’t have a strong conviction surrounding the tenor of any remaining Spanish syndication this year, but pencil in a E5bln transaction.

For a recap of last week's issuance and more details on the next two weeks see the: MNI EGB Issuance, Redemption and Cash Flow Matrix here.