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EGB Supply

EUROZONE ISSUANCE

Spain and France are both due to hold auctions today while Italy, Germany, Greece and Portugal have already come the market this week. As expected, the syndication schedule has slowed down. We pencil in estimated gross issuance for the week at E36.9bln, up a little from E34.0bln last week.

  • Spain will come to the market this morning to hold a Bono/Olbi auction with a combined E5.0-6.0bln on offer of the on-the-run 3-year 2.50% May-27 Bono (ISIN: ES0000012M77), the on-the-run 5-year 3.50% May-29 Bono (ISIN: ES0000012M51) and the off-the-run 9-year 2.35% Jul-33 Obli (ISIN: ES00000128Q6) on offer.
  • France will also come to the market this morning to hold a MT OAT auction with E10.5-12.0bln on offer. As expected the on-the-run 3-year 2.50% Sep-27 OAT (ISIN: FR001400NBC6) which was launched in January will be reopened alongside the on-the-run 5-year 2.75% Feb-29 OAT (ISIN: FR001400HI98). In addition, the off-the-run 8-year 0% Nov-31 OAT (ISIN: FR0014002WK3) will be on offer.
  • France will conclude issuance for the week later today by returning to the market for an IL OAT auction E1.75-2.00bln of the following on offer: the 0.10% Mar-28 OATi (ISIN: FR0013238268), the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 3.15% Jul-32 OATei (ISIN: FR0000188799) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240215.pdf

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