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EGB Supply

EUROZONE ISSUANCE

Spain and France both still look to hold auctions today. Slovakia, Belgium, Germany and Greece held conventional auctions whilst Cyprus held a syndication already this week. We pencil in estimated gross issuance for the week at E28.5bln, up from E24.7bln last week.

  • Spain will hold a Bono/Obli auction this morning for E4.5-5.5bln. As we expected both the 5-year on-the-run 3.50% May-29 Bono (ISIN: ES0000012M51) and the recently launched 10-year 3.45% Oct-34 Obli (ISIN: ES0000012N35) will be on offer. Alongside these, the off-the-run 8-year 0.70% Apr-32 Obli (ISIN: ES0000012K20) will be on offer.
  • France, also this morning will then look to hold an MT OAT auction for E8.0-10.5bln. On offer will be the 2.75% Oct-27 OAT (ISIN: FR0011317783), the 5.50% Apr-29 OAT (ISIN: FR0000571218), the on-the-run 2.75% Feb-30 OAT (ISIN: FR001400PM68) and the 0% May-32 OAT (ISIN: FR0014007L00). We were surprised that the on-the-run 2.50% Sep-27 OAT will not be on offer and assume that this is due to market demand for the 2.75% Oct-27 OAT. We will be watching the auction closely, given that it is the first auction following the calling of the election and note that this is the smallest top end of a range for a MT OAT auction since January 2023 (with the exception of the August 2023 auction – with August auctions always smaller) and the lower end of the target range is the smallest since November 2022.
  • France will then return later in the day to hold an IL OAT auction with E1.50-2.25bln on offer. On offer will be the 1.85% Jul-27 OATei (ISIN: FR0011008705), the 0.10% Jul-36 OATei (ISIN: FR0013327491), the 0.10% Jul-53 OATei (ISIN: FR0014008181) and the 0.10% Mar-36 OATi (ISIN: FR0013524014).
For more on this week's issuance and a look ahead to next week's issuance see the full PDF here:

EZ240620.pdf

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