EUROZONE ISSUANCE: EGB Supply - W/C 12 May, 2025 (1/2)
The EU looks to hold a syndication while the Netherlands, Italy, Germany and Portugal all look to hold auctions in the upcoming week. We pencil in estimated gross issuance for the week of E31.4bln, broadly similar to this week’s E31.8bln.
For the full MNI Issuance, Redemption and Cash Flow Matrix click here.
- The EU has a syndication scheduled for the upcoming week. The EU has yet to launch a new 20-year EU-bond yet this year (it was part of its H1 funding objectives) so there is a good chance that it is launched here.
- The Netherlands will come to the market on Tuesday, looking to sell E1.5-2.0bln of the 30-year on-the-run 2.00% Jan-54 DSL (ISIN: NL00150012X2).
- Italy will also look to hold a 3/7/15+year BTP auction on Tuesday. On offer will be E3.0-3.5bln of the 3-year on-the-run 2.65% Jun-28 BTP (ISIN: IT0005641029), E2.0-2.5bln of the recently launched 7-year 3.25% Jul-32 BTP (ISIN: IT0005647265) and E1.0-1.5bln of the 4.45% Sep-43 BTP (ISIN: IT0005530032).
- Germany will conclude issuance for Tuesday with an auction for E4.5bln of the 1.70% Jun-27 Schatz (ISIN: DE000BU22098).
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
TARIFFS: Greer Says Trump Admin Is "Open To Negotiating With Willing Partners"
United States Trade Representative Greer has stated, in testimony to the House Ways and Means Committee, that President Donald Trump is “open to negotiate with countries that actually want to pursue reciprocal trade.” LIVESTREAM
- Greer notes that he spoke with counterparts from the EU, Canada, and Mexico yesterday. Says there is an “opportunity” for countries to “bring down their tariffs.”
- Greer adds later: "The President has directed that we're negotiating with willing partners, and that's where I get my guidance from."
- Greer notes, "there are no exceptions or exclusions" to the tariff programme, suggesting that the Trump administration sees bilateral trade deals as the primary route to tariff relief.
- Greer says he has had frequent meetings and conversations with his UK counterparts on "how to move the economic relationship forward". He says that he has expressed his concerns with UK barriers to US agricultural imports, noting that is “very important to us.”
- The hearing is ongoing and could last around four hours, if yesterday’s corresponding Senate hearing is a guide.
STIR: BLOCK UPDATE
- Total 48,000 SFRM5 96.25/96.87 call spds from 9.0-8.5 ref 96.10 to -.095
CDS: Markit iTraxx EUR Main On Track For Another Cycle Closing High
The iTraxx EUR main index is on track for another fresh cycle closing high, even with equities off session lows, as tariff pressure continues to be felt in Europe.
- The double top area from October ’23 (89.9bp) protects the next round number of note to the upside (90bp).
- Note that the index hasn’t managed to retest Monday’s intraday high (89.7bp).
Fig. 1: Markit iTraxx Europe Main Index
Source: MNI - Market News/Bloomberg
