March 05, 2025 06:51 GMT
EUROZONE ISSUANCE: EGB Supply
EUROZONE ISSUANCE
Germany has announced a 30-year mandate while Spain and France are both due to hold conventional auctions on Thursday and Belgium is due an ORI auction on Friday. Already this week, the Netherlands held a DDA, Belgium held a syndication whilst Austria and Germany held auctions. We look for estimated gross issuance for the week of E42.6bln (excluding retail operations), up from E35.6bln last week.
For the full document including more details on issuance this week and next week click here.EZ250305.pdf
- Germany is likely to hold a syndication today after it announced a mandate for a new 30-year Bund, maturing 15 August 2056.
- This has been on the cards for some time, but we had little conviction over the timing. We expect a similar size transaction to last year (E6bln with E1bln retained).
- Tomorrow, Spain will hold a Bono/Obli and ObliEi auction. On offer will be a shared E4.5-5.5bln of the 3.10% Jul-31 Obli (ISIN: ES0000012N43) alongside the on-the-run 10-year 3.15% Apr-35 Obli (ISIN: ES0000012O67). E250-750mln of the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12) will also be on offer.
- This will be the first reopening of the 3.15% Apr-35 Obli, and is in line with our expectations.
- Also tomorrow, France will hold a LT OAT auction. On offer will be E11-13bln of the 4.75% Apr-35 OAT (ISIN: FR0010070060), the on-the-run 10-year 3.20% May-35 OAT (ISIN: FR001400X8V5), the 1.75% Jun-39 Green OAT (ISIN: FR0013234333) and the on-the-run 20-year 2.50% May-43 OAT (ISIN: FR001400CMX2)
- To conclude the week on Friday, Belgium will hold an ORI operation. Details will be announced tomorrow.
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