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EGB Supply

EUROZONE ISSUANCE

France, Greece, Germany and Spain all still look to issue this week while the ESM, Slovakia, Belgium and Finland have already came to the market this week. We pencil in gross nominal issuance of E31.0bln from announced operations.

  • France will hold its MT OAT auction this morning (a day ahead of its normal Thursday timing due to the Ascension Day holiday) with E10.0-11.0bln on offer of the 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 1.00% May-27 OAT (ISIN: FR0013250560) and the 2.75% Feb-29 OAT (ISIN: FR001400HI98).
  • Greece will also come to the market today with up to E400mln of 10/14-year GGBs: E250mln of the 4.25% Jun-33 GGB (ISIN: GR0124039737) and E150mln of the 4.00% Jan-37 GGB (ISIN: GR0133011248).
  • Germany will then look to sell E4bln of the 10-year 2.30% Feb-33 Bund (ISIN: DE000BU2Z007).
  • France will return to the market later this morning to hold an OATei auction. On offer will be E1.5-2.0bln of the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-36 OATei (ISIN: FR0013327491) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).
  • Tomorrow, Spain will look to hold a Bono/Olbi auction for E5.5-6.5bln. On offer will be the 0% May-25 Bono (ISIN: ES0000012K38), the 0% Jan-27 Bono (ISIN: ES0000012J15), the 1.40% Jul-28 Obli (ISIN: ES0000012B88) and the 3.45% Jul-43 Obli (ISIN: ES0000012K95).
For more on this week's issuance and a look ahead to next week, see the PDF here:

EZ230517.pdf

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