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EGB Supply

EUROZONE ISSUANCE

Spain, France, and Finland look to issue today while the EU, the Netherlands, Italy, Germany and Finland have already issued this week. We pencil in gross nominal issuance of E47.1bln, up from E30.6bln last week.

  • Spain will kick off this morning's issuance selling M-T/L-T Bonos/Oblis for E4.5-5.5bln (a smaller auction size than recently seen following last week’s syndication): 2.80% May-26 (ISIN: ES0000012L29), 5.15% Oct-28 (ISIN: ES00000124C5), and 3.90% Jul-39 (ISIN: ES0000012L60).
  • France will then hold a MT OAT auction. On offer will be a combined E11-12bln of OATs: the 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 0.75% Nov-28 OAT (ISIN: FR0013341682) and the 2.75% Feb-29 OAT (ISIN: FR001400HI98).
  • France will return to the market later in the morning to hold an IL OAT auction, to sell a combined E1-1.5bln of the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-31 OATei (ISIN: FR0014001N38) and the 0.10% Jul-53 OATei (ISIN: FR0014008181.
  • Finland will then conclude issuance for the week with an ORI Facility operation for up to a combined E400mln. On offer will be the 0.50% Apr-26 RFGB (ISIN: FI4000197959) and the 0.50% Sep-29 RFGB (ISIN: FI4000369467).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ230615.pdf

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