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EGB Supply

EUROZONE ISSUANCE

Spain and France are both due to hold auctions today while Slovakia, the Netherlands, Finland, Italy and Germany have already come to the market this week. We pencil in estimated gross issuance for the week at E31.0bln, up from E32.0bln last week.

  • Spain will come to the market on Thursday to hold a Bono/Olbi auction. On offer will be the 2.50% May-27 Bono, the 1.95% Jul-30 Obli, the 3.25% Apr-34 Obli and the 3.45% Jul-66 Obli. Auction sizes will be confirmed on Monday.
  • France will hold an MT OAT auction on Thursday. On offer will be a combined E11.0-12.5bln of the 0% Feb-27 OAT (ISIN: FR0014003513), the 2.50% Sep-27 OAT (ISIN: FR001400NBC6), the new 2.75% Feb-30 OAT (ISIN TBD) and the 0% May-32 OAT (ISIN: FR0014007L00). The launch of the new Feb-30 OAT was in line with our expectations.
  • France will conclude issuance for the week later on Thursday, with an IL OAT auction. On offer will be a combined E1.5-2.0bln of the 0.55% Mar-39 OATi (ISIN: FR001400IKW5), the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.60% Jul-34 OATei (ISIN: FR001400JI88) and then 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:

EZ240418.pdf

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