Fixed Income Analysis /

Weekly Supply Preview - EGB supply to recover after a quiet week

    4 April 2022
    Published byUniCredit
    • This week, we expect Germany, Austria, France, Spain and Slovakia to sell EUR 19bn of bonds. Risks are to the upside as some countries might decide to launch new syndicated deals. Hence, EGB issuance activity will increase compared to the previous week. Primary market activity will be scattered across maturities and will involve both nominal and inflation-linked bonds. In terms of new benchmarks, France will sell a new 15Y OAT via auction. Redemptions from Germany (Obl Apr22) will amount to EUR 21bn, while coupons will be negligible. Therefore, net supply is likely to be neutral. In addition to EGB issuance activity, the EU is expected to launch a new syndicated deal this week.