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MNI EGB Supply - W/C December 5, 2022

EUROZONE ISSUANCE

The EU is due to hold a syndication today while Germany held an auction yesterday in the only scheduled EGBs supply this week. We look for estimated gross nominal issuance of E12.0bln from announced operations, down from last week’s E22.7bln.

  • Germany held its final auction of 2022 on Tuesday, selling E5bln (E4.0146bln allotted) of the 2.20% Dec-24 Schatz (ISIN: DE0001104909).
  • The EU will hold its final syndication of the year today with E6.548bln WNG of a new 15-year SURE issue on offer alongside a E500mln WNG reopening of the 2.50% Oct-52 bond with the proceeds of the latter to be used for the MFA programme.

NET NOMINAL FLOWS: This week will see a E1.3bln redemption of a Portuguese FRN and negligible coupon payments. With estimated gross issuance of E12.0bln, MNI estimates net nominal issuance of positive E10.8bln this week, up from last week’s negative E0.9bln.

For more on this week's issuance see the PDF here:

EZ221207.pdf

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