EGB Supply

Spain and France both still due to hold auctions today, whilst the EU, Germany and Greece have already held auctions this week, while Italy held a buyback. We pencil in an estimated gross issuance for the week at E30.5bln, up from E27.0bln last week.

• Spain will look to hold a Bono/Obli auction this morning. On offer will be a combined E5.5-6.5bln of the 1.25% Oct-30 Obli (ISIN: ES0000012G34), the on-the-run 10-year 3.45% Oct-34 Obli (ISIN: ES0000012N35) and the 0.85% Jul-37 Obli (ISIN: ES0000012I24).
• France will then look to hold an MT OAT auction with E9.5-11.5bln on offer – larger than seen last month in the midst of the election campaign, but smaller than the E12.0-12.5bln upper limits seen through the rest of 2024. On offer will be both on-the-run issues: the 3-year 2.50% Sep-27 OAT (ISIN: FR001400NBC6) and the 5-year 2.75% Feb-30 OAT (ISIN: FR001400PM68) alongside the off-the-run 1.00% May-27 OAT (ISIN: FR0013250560) and the 2.00% Nov-32 OAT (ISIN: FR001400BKZ3).
• France will then return later today to hold an IL OAT auction with E1.75-2.5bln on offer of the following: the 0.10% Mar-28 OATi (ISIN: FR0013238268), the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.60% Jul-34 OATei (ISIN: FR001400JI88) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).

EZ240718.pdf