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W/C Jan 9, 2023 (1/3)

EUROZONE ISSUANCE

The EU, Netherlands, Austria, Germany, Spain and Italy are all due to hold auction next week while we also expect syndications from the EFSF (RFP already out), Belgium and Italy. We pencil in gross nominal issuance at first round operations of E47.1bln for these deals.

  • The EFSF has sent an RFP and we would expect a syndication next week, probably on Tuesday. A 30-year bond has been launched in each of the last three years in January (as part of a dual-tranche transaction the past two years). We pencil in another dual-tranche syndication of E5.0-5.5bln. We have less conviction on what the other bond is likely to be.
  • In the upcoming week we also look for syndications from Belgium (likely new 10-year OLO for E5-6bln) and Italy. There is also a chance for a Greek or French syndication but we think that Spain will hold off until the W/C 23 January to avoid auction weeks.
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