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EGB Supply

EUROZONE ISSUANCE

Spain and France both look to issue today while Germany has already come to the market this week. We pencil in gross nominal issuance of E21.4bln from announced operations, down from E38.8bln last week.

  • Spain will come to the market this morning with E5.0-6.0bln of nominals on offer: the on-the-run 3-year 2.80% May-26 Bono (ISIN: ES0000012L29), the on-the-run 5-year 0% Jan-28 Obli (ISIN: ES0000012I08) and the off-the-run 1.20% Oct-40 Obli (ISIN: ES0000012G42). E250-750mln of the 0.65% Nov-27 Obli-Ei (ISIN: ES00000128S2) will also be on offer.
  • Also this morning, France will hold a LT OATs auction for E10.0-11.5bln with 10/30/50-year OATs on offer alongside the 15-year Green OAT: the 3.00% May-33 OAT (ISIN: FR001400H7V7), the 3.00% May-54 OAT (ISIN: FR001400FTH3), the 0.50% May-72 OAT (ISIN: FR0014001NN8) and the 1.75% Jun-39 Green OAT (ISIN: FR0013234333).
For more on this week's issuance see the full PDF including a look ahead to next week's issuance see the PDF here:

EZ230504.pdf

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