EUROZONE ISSUANCE: EGB Supply
The Netherlands and Italy both still look to issue this week while the EU came to the market yesterday. We pencil in gross nominal issuance of E17.5bln (excluding issuance via exchanges), up from E13.0bln last week.
- Italy has announced that it will MEF has announced it will launch a new CCTeu maturing 15 October 2031 via syndicated exchange in the “near future” and buyback the following: the 2.45% Oct-23 BTP (ISIN: IT0005344335), the 0.65% Oct-23 BTP (ISIN: IT0005215246), the 0.25% Nov-23 BTP Italia (ISIN: IT0005312142), the Dec-23 CCTeu (ISIN: IT0005399230) and the Apr-25 CCTeu (ISIN: IT0005311508). We expect the transaction to take place on Wednesday.
- Also Wednesday, Portugal will hold an exchange auction, looking to sell 10/30-year OTs: 1.65% Jul-32 OT (ISIN: PTOTEYOE0031) and 1.00% Apr-52 OT (ISIN: PTOTECOE0037). In exchange IGCP looks to buy the 2.875% Oct-25 OT (ISIN: PTOTEKOE0011) @ 99.883, the 2.875% Jul-26 OT (ISIN: PTOTETOE0012) @ 99.956 and the 4.125% Apr-27 OT (ISIN: PTOTEUOE0019) @ 104.472.
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EUROZONE ISSUANCE: EGB Supply W/C 29 May, 2023 (2/2)
- Spain will kick off June issuance on Thursday with a Bono/Olbi/ObliEi auction. On offer will be the 2.80% May-26 Bono (ISIN: ES0000012L29), the 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12) and the 1.90% Oct-52 Obli (ISIN: ES0000012K46). The auction size is expected to be confirmed on Monday.
- Also Thursday, France will come to the market to sell E9.5-11bln of LT OATs: the 3.00% May-33 OAT (ISIN: FR001400H7V7), the 2.50% May-43 OAT (ISIN: FR001400CMX2) and the 3.00% May-54 OAT (ISIN: FR001400FTH3).
- Belgium will conclude issuance for the week on Friday with an ORI operation. We look for E500mln to be sold, with the OLOs on offer to be confirmed on Thursday.
NET NOMINAL FLOWS: This week sees no redemptions and coupons of E2.0bln (of which E1.7bln are Italian). With estimated gross nominal issuance of E32.1bln in the week, we look for net flows of positive E30.2bln in contrast to the negative E40.7bln last week.
EUROZONE ISSUANCE: EGB Supply W/C 29 May, 2023 (1/2)
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 tomorrow with a 5/10-year BTP/CCTeu auction of up to E11bln. On offer will be: E4.5-5bln of the new on-the-run 3.80% Aug-28 BTP (ISIN TBA), E2-2.5bln of the on-the-run 4.35% Nov-33 BTP (ISIN: IT0005544082), E1.5-2bln of the 4.4% 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.
EUROZONE T-BILL ISSUANCE: W/C May 29, 2023 (Upcoming)
Belgium, Germany, France and Greece will look to sell bills this week. We look for issuance at first round operations of E14.5bln, down from last week's E18.1bln.
- Belgium will kick off bill issuance for the week tomorrow, with E1bln of the Short Sep 14, 2023 TC on offer.
- Germany will then look to reopen E2bln of the 5-month Oct 18, 2023 bubill alongside E4bln of the 11-month Apr 17, 2024 bubill.
- On Tuesday afternoon, France will come to the market with up to E6.9bln of BTFs on offer: E2.3-2.7bln of the new 13-week Aug 30, 2023 BTF, E0-0.4bln of the 14-week Sep 6, 2023 BTF, E1.6-2.0bln of the 20-week Oct 18, 2023 BTF and E1.4-1.8bln of the 50-week May 15, 2024 BTF.
- On Wednesday, Greece will conclude eurozone bill issuance for the week, with E625mln of the new 26-week Dec 1, 2023 GTB on offer.
