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EGB Supply

EUROZONE ISSUANCE

Greece, Spain and France all still look to issue this week while Slovakia, Belgium and Finland have already come to the market. We pencil in gross nominal issuance of E23.8bln, down from E30.7bln last week. Although note that this is before we have any syndications.

  • Today, Greece will look to hold an auction for Up to E200mln of the 10-year on-the-run 4.25% Jun-33 GGB (ISIN: GR0124039737).
  • Spain will look to hold an auction tomorrow for a combined E5.5-6.5bln. On offer will be the 2.80% May-26 Bono (ISIN: ES0000012L29), the 0% Jan-28 Obli (ISIN: ES0000012I08) and the 0.50% Oct-31 Obli (ISIN: ES0000012I32). We note a shorter skew than seen in other auctions recently and we think that this increases the probability of a Spanish syndication in September.
  • France will then look to hold a MT OAT auction for E10-11bln combined. On offer will be the on-the-run 3-year 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 0.75% May-28 OAT (ISIN: FR0013286192) and the on-the-run 5-year 2.75% Feb-29 OAT (ISIN: FR001400HI98).
  • France will return to the market later tomorrow for a linker auction with E1.25-1.75bln on offer: the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Mar-32 OATi (ISIN: FR0014003N51) and the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ230920.pdf

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