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EUROZONE ISSUANCE: EGB Supply

EUROZONE ISSUANCE
EurozoneBulletMarketsFixed Income Bullets

Germany and Spain both still look to hold auctions this week. We also pencil in syndications from Austria, Ireland and France, although we may only get one or two of these this week with no countries holding syndications today with UK and US CPI upcoming – we will be looking out for mandates for these countries today as well as a possible RFP from the EFSF ahead of a potential transaction next week. The EU and Greece have already held syndications while Italy, the Netherlands and Germany have held auctions this week. We pencil in estimated gross issuance for the week at E51.3bln, down from E62.5bln last week.

  • Today, Germany will return to the market to sell E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) alongside E1.5bln of the 30-year 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
  • Tomorrow, Spain will hold a Bono/Obli auction, to sell a combined E5.0-6.0bln of the on-the-run 2.70% Jan-30 Bono (ISIN: ES0000012O00), the 0.85% Jul-37 Obli (ISIN: ES0000012I24) and the 1.00% Oct-50 Obli (ISIN: ES0000012G00).

For more details on issuance this week and next week see the full document here: EZ250115.pdf

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Germany and Spain both still look to hold auctions this week. We also pencil in syndications from Austria, Ireland and France, although we may only get one or two of these this week with no countries holding syndications today with UK and US CPI upcoming – we will be looking out for mandates for these countries today as well as a possible RFP from the EFSF ahead of a potential transaction next week. The EU and Greece have already held syndications while Italy, the Netherlands and Germany have held auctions this week. We pencil in estimated gross issuance for the week at E51.3bln, down from E62.5bln last week.

  • Today, Germany will return to the market to sell E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) alongside E1.5bln of the 30-year 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
  • Tomorrow, Spain will hold a Bono/Obli auction, to sell a combined E5.0-6.0bln of the on-the-run 2.70% Jan-30 Bono (ISIN: ES0000012O00), the 0.85% Jul-37 Obli (ISIN: ES0000012I24) and the 1.00% Oct-50 Obli (ISIN: ES0000012G00).

For more details on issuance this week and next week see the full document here: EZ250115.pdf