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RESEND: EGB Supply For W/C Nov 9

EUROZONE ISSUANCE
Germany, Italy, Ireland, the EFSF and the EC will issue bonds in the W/C November 9. We estimate supply of E21.5bn compared to E20.1bn the previous week.
  • RECAP: The EFSF placed EUR1bn of the 0.875% Apr-35 bond on Tuesday with book size above EUR12bn. Two new SURE issues were placed on Tuesday with E5bn sold of the 0% Oct-25 bond and E6bn of the 0.30% Aug-50 bond.
  • ISSUANCE: Germany will come to market on Wednesday to sell E1bn of the 0% Aug-50 Bund. On Thursday Italy will sell the 0.0% Jan-24 BTP for E2.5-3.0bn, the 0.95% Sep-27 BTP for E1.25-1.75bn and the 1.45% Mar-36 BTP for E1.00-1.25bn. Ireland will offer the 0.2% Oct-30 Treasury Bond and the 1.5% May-50 Treasury Bond for E1.00-1.25bn. The second BTP futura issuance will take place during the week.
  • CASH FLOWS: There are no coupon payments, but E12.0bn in redemptions which will leave net cash flows at E9.5bn for the week.

** For further details please see: Eurozone Issuance Profile and Cash Flow Matrix

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