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EGB Supply

EUROZONE ISSUANCE

Spain and France are both due to hold auctions on Thursday while Germany, Croatia and Austria have already come to the market this week. We pencil in estimated gross issuance for the week at E36.4bln, up from E26.3bln last week but without the large redemptions and coupons.

  • Spain will look to hold a Bono/Obli/OBliEi auction on Thursday with E5.5-6.5bln of nominals and E250-750mln of the ObliEi on offer. The on-the-run 5-year 3.50% May-29 Bono (ISIN: ES0000012M51), the 0.50% Oct-31 Obli (ISIN: ES0000012I32), the on-the-run 10-year 3.25% Apr-34 Obli (ISIN: ES0000012M85) will be sold alongside the 2.05% Nov-39 Obli-Ei (ISIN: ES0000012M69).
  • France will look to conclude issuance for the week on Thursday with a LT OAT auction with another E11.5-13.0bln target range (the same as in February but a step up from 2023 norms). On offer will be the on-the-run 10-year 3.50% Nov-33 OAT (ISIN: FR001400L834), the 1.25% May-34 OAT (ISIN: FR0013313582), the 1.25% May-38 OAT (ISIN: FR0014009O62) and the 3.25% May-45 OAT (ISIN: FR0011461037).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240306.pdf

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