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EGB Supply

EUROZONE ISSUANCE

Germany is due to return to the market today while Spain, France and Belgium are still due to issue and Italy has already come to the market. We pencil in gross nominal issuance of E29.2bln, up from E21.1bln last week.

  • Germany will return to the market this morning with E3bln of the 2.40% Nov-30 Bund (ISIN: DE000BU27006) on offer.
  • Spain will look to hold a Bono / Obli auction tomorrow with E4.5-5.5bln of nominals on offer alongside E250-750mln of an Obli-Ei. On offer will be the on-the-run 5-year 3.50% May-29 Bono (ISIN: ES0000012M51), the off-the-run 0.70% Apr-32 Obli (ISIN: ES0000012K20), the on-the-run 30-year 1.90% Oct-52 Obli (ISIN: ES0000012K46) and the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12) all on offer.
  • France will then come to the market to hold a LT OAT auction with on-the-run 10/30/50-year OATs on offer alongside the 20-year Green OAT for a total of E9.5-11.0bln: the 3.50% Nov-33 OAT (ISIN: FR001400L834), the 3.00% May-54 OAT (ISIN: FR001400FTH3), the 0.50% May-72 OAT (ISIN: FR0014001NN8) and the 0.50% Jun-44 Green OAT (ISIN: FR0014002JM6).
For more on this week and next week's supply see the PDF here:

EZ231101.pdf

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