Nominal supply of bonds scheduled in the Euro area next week is expected to level at €17.8 billion of European government bonds (EGBs), according to investment bank UBS. There are no planned US Treasury auctions next week.
Issuance next week will include debt from UK (£4.25 billion) and Linker supply scheduled in the UK (£1 billion), Switzerland (CHF400 million), Japan (¥3.2 trillion), Australia (AU$2 bilion) and New Zealand (expected NZ$ 450 million).
EGB gross supply will be €17.8 billion next week, with €136 billion cash due in the next four weeks.
EGB nominal auctions will include Germany (Tue: Schatz 6/27s, €4.5bn; Wed: Bund 8/48s, €1.5bn & Bund 8/54s, €1bn). Netherlands (Tue: DSL 1/54s, €1.5-2bn). Italy (Tue: BTP 6/28s, €3-3.5bn; BTP 7/32s, €2-2.5bn & BTP 9/43s, €1-1.5bn). Portugal (Wed: OT 7/32s & OT 2/45s, for a total of €1-1.25bn).
“Next week, we expect a total of ~€19.8 billion of cash flows mainly as redemptions from Italy (€16.4 billion) and rest as coupons from Italy and Germany,” UBS analysts wrote. “…The UK Debt Management Office (DMO) plans to auction UKTI 0.625% Mar-45 for £1 billion on Tuesday 13 May followed by UKT 4.5% Mar-35 for £4.25 billion on Wednesday 14 May.”
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