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MNI EGB Supply - W/C May 29, 2023 (1/2)

EUROZONE ISSUANCE

Italy, Germany, Spain, France and Belgium all look to issue this week. We pencil in gross nominal issuance of E32.2bln from announced operations, up from E21.9bln last week.

  • Italy will kick off issuance for the week on Tuesday with a 5/10-year BTP/CCTeu auction of up to E11bln. On offer will be: E4.5-5.0bln of the new 5-year 3.80% Aug-28 BTP (ISIN TBA), E2.0-2.5bln of the on-the-run 10-year 4.35% Nov-33 BTP (ISIN: IT0005544082), E1.5-2bln of the 4.40% May-33 BTP (ISIN: IT0005518128) and E1-1.5bln of the 0.80% Oct-28 CCTeu (ISIN: IT0005534984).
  • Germany will then conclude issuance for May on Wednesday with E3bln of the 7-year 2.10% Nov-29 Bund (ISIN: DE0001102622) on offer.

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