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EGB Supply

EUROZONE ISSUANCE

Germany, Spain and France all still look to issue this week while Austria and Germany held auctions yesterday. We pencil in gross nominal issuance of E24.7bln, up slightly from the E23.1bln (ex-retail) raised last week.

  • Germany will return to the market on Wednesday to sell E5bln of the 10-year 2.60% Aug-33 Bund (ISIN: DE000BU2Z015).
  • Spain will come to the market tomorrow morning with E5.5-6.5bln of nominals on offer and E250-750mln of linker. On offer will be the 3-year off-the-run the 1.30% Oct-26 Obli (ISIN: ES00000128H5) alongside the 10-year 3.55% Oct-33 Obli (ISIN: ES0000012L78) and the off-the-run 30-year 1.90% Oct-52 Obli (ISIN: ES0000012K46). There will also be an ObliEi auction for the 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8), likely for E250-750mln at the same time.
  • France will conclude the week’s issuance also tomorrow morning with on-the-run 10/15/30-year OATs on offer for E10-11bln: the 10-year 3.00% May-33 OAT (ISIN: FR001400H7V7), the 15-year 1.25% May-38 OAT (ISIN: FR0014009O62) 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:

EZ230906.pdf

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