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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 auctions this 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. This would put this week's issuance in the top 10 week's of issuance since the start of 2019.

  • The EFSF has sent an RFP and we would expect a syndication this week, probably tomorrow. 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.
  • This 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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