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EGB Supply

EUROZONE ISSUANCE

Spain and France both look to issue today while the EFSF, Austria, Germany and Latvia have already issued this week. We pencil in gross nominal issuance of E25.2ln, slightly higher than the E24.4bln last week.

  • This morning, Spain will hold an auction of 5/10/50-year Bonos/Oblis for E5.5-6.0bln and the 5-year ObliEi for E250-750mln: the 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 3.55% Oct-33 Obli (ISIN: ES0000012L78), the 1.45% Oct-71 Obli (ISIN: ES0000012H58) and the 0.65% Nov-27 Obli-Ei (ISIN: ES00000128S2). This will be the first reopening of the 10-year the 3.55% Oct-33 Obli since its syndicated launch.
  • Also this morning, France will look to hold a LT OAT auction for E10.5-12.0bln of on-the-run 10/20/30-year OATs: the 10-year 3.00% May-33 OAT (ISIN: FR001400H7V7), the 20-year 2.50% May-43 OAT (ISIN: FR001400CMX2) and the 30-year 3.00% May-54 OAT (ISIN: FR001400FTH3).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ230706.pdf

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