Free Trial
AUSSIE 10-YEAR TECHS

(U2) More Stable But Still Fragile

USDCAD TECHS

Trend Structure Remains Bullish

US TSYS

Cautious Risk Appetite Gains Momentum

AUDUSD TECHS

Key Support Still Exposed

US STOCKS

Late Equity Roundup: 2W Highs

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
  • The EFSF, the EU, Italy and Belgium are all due to sell bonds next week. We look for gross nominal issuance of E11.5bln, down from E35.2bln this week.
  • There are two notable upcoming redemptions: a Belgian OLO originally issued as in 2006 with a 15-year maturity for E12.9bln as well as a formerly 5-year Italian BTP for E16.7bln.
  • Coupon payments are expected to come in at E5.1bln (with E4.2bln from Finland).
  • This would leave net estimated net flows for the week at negative E23.1bln (down from positive E31.5bln this week).
Full document:

EZ220328.pdf

Week Ahead Supply:

  • The EFSF has issued an RFP for a syndication next week. We expect the transaction early in the week but we do not have a strong view on the size / maturity expected. The EFSF has moved away from quarterly issuance updates to a more flexible annual issuance target, but this makes it harder to estimate how much they are looking to front-load issuance in 2022 (if at all).
  • The EU will kick off auctions for the week on Monday with up to E2.5bln of the 7-year 0% Oct-28 EU NGEU bond on offer (ISIN: EU000A3KWCF4).
  • On Wednesday, Italy will come to the market with 5/10-year BTPs and a CCTeu auction pencilled in. We expect the MEF to continue to build up the 1.10% Apr-27 BTP (ISIN: IT0005484552 ) and 0.95% Jun-32 BTP (ISIN: IT0005466013 ). We think there is a good chance that the CCTeu auction is cancelled following this week's syndication. Details of what is offer will be announced later today.
  • Issuance for the week will conclude on Friday with Belgium holding an ORI facility operation for up to E500mln. Details will be confirmed on Thursday afternoon.
MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com
MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.