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EGB Supply

EUROZONE ISSUANCE

Spain and France both look to hold auctions today, while Austria and Germany have already held auctions this week, with Germany also holding a syndication already this week. We pencil in estimated gross issuance for the week at E30.5bln, down from E40.4bln last week, with net flows at positive E27.1bln.

  • Spain will look to hold a Bono/Obli/ObliEi this morning. Spain will look to sell a combined E5.0-6.0bln of nominals: the on-the-run 3-year 2.50% May-27 Bono (ISIN: ES0000012M77), the 7-year 0.10% Apr-31 Obli (ISIN: ES0000012H41) as well as the first auction of the 30-year 4.00% Oct-54 Obli (ISIN: ES0000012M93) following its February syndicated launch. Also on offer will be E250-750mln of the 15-year 2.05% Nov-39 Obli-Ei (ISIN: ES0000012M69). As we expected, the 10-year area was avoided after the recent syndication.
  • France will conclude issuance for the week later this morning by issuing E10.5-12.0bln of LT OATs: the new 10-year 3.00% Nov-34 OAT (ISIN: FR001400QMF9), alongside the on-the-run 15-year 1.25% May-38 OAT (ISIN: FR0014009O62) and on-the-run 30-year 3.25% May-55 OAT (ISIN: FR001400OHF4).
For more on this week's issuance and a look ahead to next week's issuance see the full PDF here:

EZ240606.pdf

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