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Corrective Bounce


10Y Real Yields Close To Mar’21 Highs


BLOCK, Conditional Curve Flattener


$5.5B Citigroup, $3.5B JP Morgan Debt Issuance

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The EFSF, the Netherlands, Austria, Germany, Portugal and Italy are all due to issue bond next week. We look for issuance from first round operations of E22.7bln, a little lower than this week's E25.1bln.

  • The EFSF has sent an RFP with regards to a syndicated issue next week. We expect the transaction to take place on Monday (as is typical for the EFSF/ESM) and to have a transaction size of E2.0bln. This would complete the EFSF's funding schedule for Q2.
  • The Netherlands will come to the market Tuesday morning to sell E1.5-2.5bln of the 10-year 0% Jul-31 DSL.
  • Austria then will look to sell E1.38bln of the 4-year 0% Apr-25 RAGB and the 10-year 0% Feb-31 RAGB.
  • Also Tuesday, Germany looks to sell E4bln of the 7-year 0% Nov-28 Bund.
  • On Wednesday, Germany will return to the market with E1.5bln of the 30-year 0% Aug 50 Bund on offer.
  • Portugal will then look to sell E750mln-1.0bln of 7/10-year OTs: the 0.70% Oct-27 OT and the 10-year 0.30% Oct—41 OT.
  • Italy looks to sell MT and LT BTPs on Thursday with details to be announced Monday.
  • Ireland is also scheduled to hold a bond auction Thursday with details Monday.

NET NOMINAL FLOWS: There are a number of redemptions in the upcoming week totalling E21.2bln, the most noteworthy of which are a E5bln EFSF bond maturing on 7 June (originally issued as a 7-year) and a E14.0bln Schatz maturing on 11 June. Coupons are only E0.1bln, leaving net nominal issuance expected to come in at E1.5bln. This is similar to this week's E2.7bln but a lot lower than the E41.2bln net nominal issuance expected in the W/C 14 June.

For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document:


MNI London Bureau | +44 203-865-3820 |
MNI London Bureau | +44 203-865-3820 |
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