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EGB Supply

EUROZONE ISSUANCE

Spain and France both look to hold auctions while the ESM is likely to hold a syndication today. Austria and Germany have already held auctions this week. We pencil in gross nominal issuance of E27.0bln, up slightly from the E23.1bln (ex-retail) raised last week.

  • Spain will come to the market this 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 auction issuance also this 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).
  • The ESM has released a mandate to issue a new long 3-year USD bond. The timing is not a huge surprise as we have the previous 2-year USD bond due to mature on 8 September, so this will allow investors to roll over into the new issue. We pencil in a transaction size of USD2-3bln.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ230907.pdf

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