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EGB Supply

EUROZONE ISSUANCE

Germany is due to return to the market today while Spain and France will hold auctions tomorrow. The EU and Italy both held syndications yesterday in addition to the auctions in the Netherlands and Germany. We pencil in estimated gross issuance for the week at E43.0bln, up from E19.8bln last week.

  • Germany will return to the market this morning with a 30-year Bund auction. E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) will be on offer alongside E1bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
  • Spain will look to hold a Bono / Obli auction tomorrow with a smaller-than-usual E4.5-5.5bln size. On offer will be 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 1.00% Jul-42 Green Obli (ISIN: ES0000012J07). See the PDF for more on our Spanish syndication thoughts.
  • France will then look to hold a MT OAT auction tomorrow with E10.5-12.0bln on offer with the on-the-run 3-year 2.50% Sep-27 OAT (ISIN: FR001400NBC6), the 2.75% Feb-29 OAT (ISIN: FR001400HI98), the on-the-run 5-year 2.75% Feb-30 OAT (ISIN: FR001400PM68) and the 2.50% May-30 OAT (ISIN: FR0011883966) on offer.
  • Later tomorrow, France will conclude issuance for the week E1.5-2.0bln of IL OATs on offer. On offer will be the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-53 OATei (ISIN: FR0014008181), the 0.10% Mar-28 OATi (ISIN: FR0013238268) and the 0.10% Mar-32 OATi (ISIN: FR0014003N51).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240515.pdf

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