EUROZONE ISSUANCE: EGB Supply
Greece, Germany, Spain, France, Ireland and Italy are all still due to hold auctions this week while Slovakia, Belgium and Finland have already held auctions this week and the EU and Italy have held syndications. We pencil in estimated gross issuance for the week at E44.8bln, up from E23.1bln last week.
- Today will see Greece come to the market with up to E250mln of the on-the-run short 5-year 3.875% Jun-28 GGB (ISIN: GR0114033583).
- This morning will also see Germany come to the market to sell E1bln of the 2.50% Jul-44 Bund (ISIN: DE0001135481) alongside E1bln of the 0% Aug-52 Bund (ISIN: DE0001102572).
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EUROZONE T-BILL ISSUANCE: W/C February 19, 2024
Germany, the Netherlands, France, the ESM, Greece, Portugal, and the EU are due to sell bills this week. We expect issuance to be E17.8bln in first round operations, up from E15.1bln last week.
- This morning, Germany will look to sell E3bln of the new 12-month Feb 19, 2025 bubill.
- Also this morning, the Netherlands will look to issue E1.0-1.5bln of the 2.5-month Apr 29, 2024 DTC and E1.0-2.0bln of the 5.5-month Jul 30, 2024 DTC.
- This afternoon, France will look to issue up to E7.3bln of the 13/16/26/49- week BTFs: E3.1-3.5bln of the new 13-week May 23, 2024 BTF, E0.2-0.6bln of the 16-week Jun 12, 2024 BTF, E1.3-1.7bln of the 26-week Aug 21,2024 BTF, and E1.1-1.5bln of the 49-week Jan 29, 2025 BTF.
- Tomorrow, the ESM will look to sell up to E1.1bln of the new 6-month Aug 22, 2024 bills.
- On Wednesday, Greece will look to come to the market with E625mln of the new 26-week Aug 23, 2024 GTB on offer.
- Also on Wednesday, Portugal will look to sell a combined E1.25-1.50bln of the new 7-month Sep 20, 2024 BT and the 11-month Jan 17, 2025 BT.
- Finally on Wednesday, the EU will look to issue up to E1.0bln of the 3-month May 10, 2024 EU-bill and up to E1.0bln of the 6-month Aug 9, 2024 EU-bill.
RATINGS: Affirmations Across The Board On Friday
Sovereign rating reviews of note from after hours on Friday include:
- Fitch affirmed Belgium at AA-; Outlook Negative
- Fitch affirmed the Netherlands at AAA; Outlook Stable
- Scope Ratings affirmed Portugal at A-; Outlook Stable
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