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MNI EGB Supply - W/C February 6, 2023

EUROZONE ISSUANCE

The Netherlands, Austria, Germany and Portugal are the only countries with auctions in the calendar for this week. However, we expect a pickup in syndications this week a French transaction already confirmed and potential transactions from Belgium, Italy and Spain also due. If we were to see all of these deals we could see gross issuance as high as E34.4bln, with scheduled auctions making up E13.4bln. Either way, we would look for gross nominal issuance of less than last week’s E47.5bln.

  • France will come to the market in the “near future” to launch its new 30-year May-54 OAT via syndication. The MNI Markets team expects the transaction to take place today and we pencil in a transaction size of E5.0bln.
  • Also today, the Netherlands will launch its new 10-year 2.50% Jul-33 DSL (ISIN: NL0015001AM2) via DDA for E4-6bln. We expect strong demand with the top of the target range achieved. The preliminary initial spread guidance is set at the 2.30% Feb-33 Bund +32 to 35bp.
  • Austria will hold a larger-than-usual auction of E1.725bln. On offer will be the 10-year 2.90% Feb-33 RAGB (ISIN: AT0000A324S8) that was launched via syndication last month as well as the 0% Oct-40 RAGB (ISIN: AT0000A2KQ43).
  • Finally today, Germany will look to sell linkers: E500mln of the 0.10% Apr-26 ILB (ISIN: DE0001030567) and E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575) will be on offer.
For more on this week's issuance see the PDF here:

EZ230207.pdf

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