EGB Supply

Spain and France will hold auctions today. The EU and Italy have both held syndications while the Netherlands and Germany have held auctions this week. We pencil in estimated gross issuance for the week at E43.0bln, up from E19.8bln last week.

• Spain will look to hold a Bono / Obli auction this morning 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). For more on our views on a Spanish syndication, see the PDF.
• France will then look to hold a MT OAT auction this morning with E10.5-12.0bln on offer: 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).
• Later today, 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).

EZ240516.pdf