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EGB Supply

EUROZONE ISSUANCE

Spain, Ireland and Italy are all still due to hold auctions this week while Austria and Portugal have already come to the market this week. We pencil in estimated gross issuance for the week at E19.9bln (excluding retail operations), down from last week’s E36.5bln.

  • Spain will hold a Bono/Olbi/ObliEi auction this morning with E5.5-6.5bln of nominals and E250-750mln of linkers on offer. As we expected, we will see a reopening of the on-the-run 5-year 3.50% May-29 Bono (ISIN: ES0000012M51). Also on offer will be the 0.70% Apr-32 Obli (ISIN: ES0000012K20), the on-the-run 15-year 3.90% Jul-39 Obli (ISIN: ES0000012L60) and the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12).
  • Ireland will also come to the market today to hold its only scheduled auction of the quarter with a E1.0bln auction size split between two IGBs: the on-the-run 10-year 2.60% Oct-34 IGB (ISIN: IE000LQ7YWY4) alongside the 17-year 0.55% Apr-41 IGB (ISIN: IE00BMQ5JM72).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240509.pdf

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