EUROZONE ISSUANCE: EGB Supply
Aug-16 05:46
Germany, France and Finland all look to issue this week. We pencil in gross nominal issuance of E17.9bln compared to E10.5bln last week.
- Germany will then return to the market on Wednesday with a 30-year Bund auction. E1.0bln of the 0% Aug-50 Bund (ISIN: DE0001102481) will be on offer alongside E1.5bln of the 0% Aug-52 Bund (ISIN: DE0001102572).
- Thursday will see France hold a MT OAT auction, where it will look to sell E7.5-8.5bln across the following OATs: The 3Y 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 6Y 2.75% Feb-29 OAT (ISIN: FR001400HI98) and the 8Y 1.50% May-31 OAT (ISIN: FR0012993103) which was last on offer in September 2022.
- France will return to the market later on Thursday to hold an IL OAT auction, where it will look to sell E0.5-1.0bln across the following OATei’s: The new 0.10% Jul-27 OATei (ISIN TBA) and the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:
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EUROZONE ISSUANCE: EGB Supply - W/C 17 July, 2023 (1/2)
Jul-17 05:46
Germany, Greece, Spain and France all look to issue this week. We pencil in gross nominal issuance of E29.0bln, down a little from E31.1bln last week.
- Germany will kick off issuance for the week tomorrow with E6bln of the new Sep-25 Schatz (ISIN: DE000BU22023) on offer. The coupon will be confirmed today.
- Greece will look to hold a GGB auction on Wednesday with the bond on offer announced probably tomorrow afternoon. At auction this year Greece has sold benchmark 10/15/20-year GGBs so far.
- Also Wednesday, Germany will return to the market to hold a 30-year Bund auction. E1bln of the 0% Aug-52 Bund (ISIN: DE0001102572) will be on offer alongside E1.5bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
RATINGS: Affirmations Across The Board, With Fitch Lifting Ireland’s Outlook
Jul-17 05:44
Rating reviews of note from after hours on Friday include:
- Fitch affirmed the European Financial Stability Facility's Debt at AA
- Fitch affirmed the European Stability Mechanism at AAA; Outlook Stable
- Fitch affirmed Ireland at AA-; Outlook revised to Positive
- Fitch affirmed Slovakia at A; Outlook Negative
- DBRS Morningstar confirmed Austria at AAA, Stable Trend
EUROZONE T-BILL ISSUANCE: W/C July 17, 2023
Jul-17 05:41
Germany, the Netherlands, France, ESM, Portugal and the EU are all due to sell bills this week. We expect issuance to be E15.0bln in the week, down from E23.8bln last week.
- Germany will look to sell E4bln of the new 12-month Jul 17, 2024 bubill this morning.
- Also this morning, the Netherlands will look to sell E1-2bln of the 3.5-month Oct 30, 2023 DTC.
- This afternoon, France will look to sell up to E5.8bln of 12/21/51-week BTFs: E1.8-2.2bln of the 12-week Oct 11, 2023 BTF, E1.2-1.6bln of the 21-week Dec 13, 2023 BTF and E1.6-2.0bln of the new 51-week Jul 10, 2024 BTF.
- Tomorrow, the ESM will look to sell up to E1.1bln of the new 6-month Jan 25, 2024 bills
- On Wednesday, Portugal will look to sell E1.00-1.25bln of the 6-month Jan 19, 2024 BT and the new 12-month Jul 19, 2024 BT.
- Also Wednesday, the EU will look to sell up to E1bln of each of the 3-month Oct 6, 2023 EU-bill and the 6-month Jan 12, 2024 EU-bill.
