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EGB Supply

EUROZONE ISSUANCE

France and Belgium are both still due to issue this week while Italy, the EU, The Netherlands and Germany have already held auctions this week. The syndication schedule may slow down again given the Mayday / bank holiday across much of Europe. We pencil in estimated gross issuance for the week at E32.9bln.

  • On Thursday, France will look to hold a LT OAT auction with E10.5-12.0bln on offer. On offer will be the on-the-run 10-year 3.50% Nov-33 OAT (ISIN: FR001400L834), the off-the-run 1.25% May-34 OAT (ISIN: FR0013313582), the on-the-run 20-year 2.50% May-43 OAT (ISIN: FR001400CMX2) and the on-the-run 30-year 3.25% May-55 OAT (ISIN: FR001400OHF4).
  • Belgium will look to complete issuance for the week on Friday with an ORI operation. Details will be confirmed on Thursday, but we pencil in a transaction size of E500mln.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240501.pdf

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