November 02, 2023 06:51 GMT
Spain, France and Belgium are still due to issue this week while Italy and Germany have already come to the market. We pencil in gross nominal issuance of E29.9bln, up from E21.1bln last week.
- Spain will look to hold a Bono / Obli auction this morning 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).
- 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).
- Belgium will complete issuance for the week tomorrow with an ORI operation. Up to E500mln of off-the-run OLOs is likely to be on offer. The bonds on offer will be announced this afternoon.
For more on this week and next week's supply see the PDF here: