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EUROZONE ISSUANCE: EGB Supply

EUROZONE ISSUANCE
EurozoneBulletMarketsFixed Income Bullets

Spain and France are both still due to hold auctions this week, whilst Finland and Belgium are due to hold ORI auctions. Already this week Austria already held an auction and Croatia a syndication whilst we pencil further syndications from Belgium, Germany and Italy (although these are dependent upon relatively stable market conditions). We look for estimated gross issuance for the week of E43.0bln, up from E40.9bln issued last week.

  • Tomorrow, Spain will hold a Bono/Obli and ObliEi auction to sell a combined E5.5-6.5bln of the recently launched 3-year 2.40% May-28 Bono (ISIN: ES0000012O59), the 3.10% Jul-31 Obli (ISIN: ES0000012N43), and the on-the-run 30-year 4.00% Oct-54 Obli (ISIN: ES0000012M93). E250-750mln of the 1.15% Nov-36 Obli-Ei (ISIN: ES0000012O18) will also be on offer.
  • Also tomorrow, France will hold a LT OAT auction. As expected, there is another large target range, with E11-13bln on offer. Also as we expected, France will launch a new 10-year 3.20% May-35 OAT (ISIN: FR001400X8V5) alongside reopening the 30-year on-the-run 3.25% May-55 OAT (ISIN: FR001400OHF4). Two off-the-run issues will also be on offer the 1.25% May-36 OAT (ISIN: FR0013154044) and the 1.25% May-38 OAT (ISIN: FR0014009O62).
  • Thirdly tomorrow, Finland will hold an ORI operation to sell up to E0.4bln. Details will be announced later today.
  • Finally on Friday, Belgium will hold an ORI operation. Details will be announced tomorrow.

For more details on issuance this week and next week see the full document here: EZ250205.pdf

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Spain and France are both still due to hold auctions this week, whilst Finland and Belgium are due to hold ORI auctions. Already this week Austria already held an auction and Croatia a syndication whilst we pencil further syndications from Belgium, Germany and Italy (although these are dependent upon relatively stable market conditions). We look for estimated gross issuance for the week of E43.0bln, up from E40.9bln issued last week.

  • Tomorrow, Spain will hold a Bono/Obli and ObliEi auction to sell a combined E5.5-6.5bln of the recently launched 3-year 2.40% May-28 Bono (ISIN: ES0000012O59), the 3.10% Jul-31 Obli (ISIN: ES0000012N43), and the on-the-run 30-year 4.00% Oct-54 Obli (ISIN: ES0000012M93). E250-750mln of the 1.15% Nov-36 Obli-Ei (ISIN: ES0000012O18) will also be on offer.
  • Also tomorrow, France will hold a LT OAT auction. As expected, there is another large target range, with E11-13bln on offer. Also as we expected, France will launch a new 10-year 3.20% May-35 OAT (ISIN: FR001400X8V5) alongside reopening the 30-year on-the-run 3.25% May-55 OAT (ISIN: FR001400OHF4). Two off-the-run issues will also be on offer the 1.25% May-36 OAT (ISIN: FR0013154044) and the 1.25% May-38 OAT (ISIN: FR0014009O62).
  • Thirdly tomorrow, Finland will hold an ORI operation to sell up to E0.4bln. Details will be announced later today.
  • Finally on Friday, Belgium will hold an ORI operation. Details will be announced tomorrow.

For more details on issuance this week and next week see the full document here: EZ250205.pdf