EUROZONE ISSUANCE: EGB Supply

Aug-21 05:51

Germany will look to hold another auction this week, while Finland held a syndication and Germany already held a green auction this week. Overall, issuance remains light during the summer. We pencil in estimated gross issuance for the week at E10.1bln, down from E18.2bln last week.

On Wednesday, Germany will return to the market to sell E4.5bln of the 10-year 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
Note Spain has cancelled its auction that had been due to be held on Thursday.

For more on this week's issuance and a look ahead to next week's issuance see the full PDF here:

EZ240821.pdf

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EUROZONE ISSUANCE: EGB Supply - W/C 22 July, 2024

Jul-22 05:51

On Thursday, Italy will conclude issuance for the week by holding a BTP Short Term and BTPei auction. We think that there is a good chance that the new BTP Short Term maturing 28 August 2026 will be launched. Details will be announced later today.
We think there is a chance that Italy chooses to hold a syndication (following this week’s buyback), potentially to launch the new 10-year BTP with a maturity date of 1 February 2035. If there is a syndication, we pencil in a size of around E10bln.

NET NOMINAL FLOWS: The week ahead sees one large redemption: E19.28bln from a formerly 10-year French OATei. Coupon payments for the week are E6.7bln, of which E6.2bln are French, E0.3bln are Portuguese, and E0.1bln are Greek. This leaves estimated net flows for the week at negative E9.2bln versus negative E5.5bln last week.

For a recap of last week's issuance and more details on the next two weeks see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

EUROZONE ISSUANCE: EGB Supply - W/C 22 July, 2024 (1/2)

Jul-22 05:46

Belgium, Germany and Italy all look to hold auctions this week, we also think there is a chance of an Italian syndication. We pencil in an estimated gross issuance for the week at E17.0bln, down from E31.2bln last week.

Today, Belgium will kick off issuance for the week with a conventional auction of on-the-run 10/30-year OLOs for E2.0-2.5bln. On offer will be the 2.85% Oct-34 OLO (ISIN: BE0000360694) and the 3.50% Jun-55 OLO (ISIN: BE0000361700). The size is in line with our expectations and the same as other auctions held so far this year; we expect the top of the range to be sold.
Tomorrow, Germany will sell E5bln of the new Sep-26 Schatz (ISIN: DE000BU22064). The coupon will be announced later today
Germany will return to the market on Wednesday to hold a 10-year Bund auction. On offer will be E5bln of the 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).

EUROZONE T-BILL ISSUANCE: W/C July 22, 2024

Jul-22 05:41

Germany, France, Austria, Greece and Italy are due to sell bills this week. We expect issuance to be E21.5bln in first round operations, up from E18.2bln last week.

This morning, Germany will come to the market to sell E2bln of the 5-month Dec 11, 2024 bubill and E3bln of the 11-month Jun 18, 2025 bubill.
This afternoon, France will look to sell up to E8bln of the 13/16/25/51-week BTFs: E3.3-3.7bln of the new 13-week Oct 23, 2024 BTF, E0.2-0.6bln of the 16-week Nov 14, 2024 BTF, E1.5-1.9bln of the 25-week Jan 15, 2025 BTF and E1.4-1.8bln of the 51-week Jul 17, 2025 BTF. We note that this is a larger-than-usual BTF auction.
Tomorrow, Austria will sell E1bln of the 3-month Oct 31, 2024 ATB and E1bln of the 6-month Jan 30, 2025 ATB.
On Wednesday, Greece will come to the market to sell E500mln of the new 26-week Jan 24, 2025 GTB.
Finally, on Friday Italy will issue a new 6-month BOT. Details and the size will be confirmed on Tuesday.

For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.

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