EUROZONE ISSUANCE: EGB Supply Daily and Funding Plans Update

The Netherlands, Italy, Germany and Finland will all look to come to the market this week. We pencil in issuance of E22.1bln for the week, down from E24.8bln last week.

See the full document here for a look ahead to the next two weeks of issuance and a recap of last week.

• The Netherlands will kick off issuance for the week tomorrow with E1.0-2.0bln of the on-the-run 30-year 3.50% Jan-56 DSL (ISIN: NL0015002P70) on offer via auction. This will be the first reopening of the DSL since its launch via DDA in September.
• Italy will hold a BTP Short Term /BTPei auction tomorrow. On offer will be E1.5-2.0bln of the on-the-run 2.10% Aug-27 BTP Short Term (ISIN: IT0005657330), E0.75-1.00bln of the 1.10% Aug-31 BTPei (ISIN: IT0005657348) and E1.25-1.50bln of the 2.40% May-39 BTPei (ISIN: IT0005547812).
  • We expect this will be the final BTP Short Term / BTPei auction of 2025 with the auction scheduled for 29 December likely to be cancelled.
• Germany will come to the market tomorrow with E4bln of the 2.20% Oct-30 Bobl (ISIN: DE000BU25059) on offer.

• RES 4: 0.8893 2.000 proj of the Sep 15 - 25 - Oct 8 price swing    
• RES 3: 0.8875 High Apr 25 
• RES 2: 0.8868 61.8% retracement of the 2022 - 2024 bear leg
• RES 1: 0.8865 High Nov 14
• PRICE: 0.8793 @ 06:44 GMT Nov 24
• SUP 1: 0.8780 Low Nov 21   
• SUP 2: 0.8769 Low Nov 10
• SUP 3: 0.8748 50-day EMA
• SUP 4: 0.8706 Low Oct 24 and a key support  

The trend set-up in EURGBP remains bullish. Recent gains reinforce the uptrend and maintain the price sequence of higher highs and higher lows. Sights are on 0.8868 next, a Fibonacci retracement point. On the downside, support at the 20-day EMA, at  0.8791, has been pierced. The next key support to monitor is 0.8748, the 50-day EMA. A clear break of the average would signal a potential reversal.

Germany, France, Austria, Italy and Greece are due to sell bills this week. We expect issuance to be E21.3bln in first-round operations, up from E17.2bln last week. 

• This morning, Germany will look to sell E3bln of the 6-month Jun 17, 2026 Bubill.
• This afternoon, France will look to issue up to a combined E7.5bln of 14/27/49-week BTFs:  E3.1-3.5bln of the new 14-week Mar 4, 2026 BTF, E1.5-1.9bln of the 27-week Jun 3, 2026 BTF and E1.7-2.1bln of the 49-week Nov 4, 2026 BTF.
• Tomorrow morning, Austria  will look to come to the market with E2.0bln of the new 3-month Feb 26, 2026 green ATB and E750mln of the 5-month Apr 30, 2026 ATB.
• On Wednesday morning, Italy will look to sell E7.5bln of the new 6-month May 29, 2026 BOT.
• To conclude issuance for the week on Wednesday morning, Greece will look to come to the market with E500mln of the new 26-week May 29. 2026 GTB.