EGB Supply

Spain, France and Italy still look to come to the market this week while the EFSF, Slovakia, the EU, Austria, the Netherlands, Finland, Greece and Germany have all sold bonds already this week. We pencil in gross nominal issuance of E45.6bln, around double last week’s E24.0bln.

• This morning, Spain will look to auction a combined E5.5-6.5bln of Oblis: the on-the-run 7-year 0.80% Jul-29 Obli (ISIN: ES0000012K53), the on-the-run 10-year 3.15% Apr-33 Obli (ISIN: ES0000012L52) and the 25-year 2.70% Oct-48 Obli (ISIN: ES0000012B47).
• Also this morning, France will look to hold a MT OAT auction for E10.0-11.5bln. On offer will be the 3-year 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the new 2.75% Feb-29 OAT (ISIN: FR001400HI98) and the 0% Nov-29 OAT (ISIN: FR0013451507).
• France will return to the market later today to hold an IL OAT auction with E1.25-1.75bln on offer. AFT looks to sell the 0.10% Mar-28 OATi (ISIN: FR0013238268), the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).
• Tomorrow, Italy will come to the market. It will a reopen the 3.40% Mar-25 BTP Short Term (ISIN: IT0005534281) for E2.0-2.5bln alongside a new 1.50% May-29 BTPei (ISIN: IT0005543803) for a further E2.0-2.5bln.

For more on this week's issuance and a look ahead to what's on offer next week see the PDF here:

EZ230420.pdf