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EGB Supply

EUROZONE ISSUANCE

Germany and France both look to hold auctions today, whilst Germany also held an auction yesterday. We pencil in estimated gross issuance for the week at E18.1bln, up from E7.8bln last week.

  • This morning, France will hold an MT OAT auction with E7.5-9.0bln on offer. As expected, given that it is August there is a smaller auction size. On offer will be the 0% Feb-27 OAT (ISIN: FR0014003513), the 2.75% Feb-29 OAT (ISIN: FR001400HI98), the on-the-run 2.75% Feb-30 OAT (ISIN: FR001400PM68), and the 0% Nov-31 OAT (ISIN: FR0014002WK3).
  • Also this morning, Germany will return to the market to hold a 30-year Bund auction. On offer will be E1bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004) alongside E1bln of the 0% Aug-50 Bund (ISIN:DE0001102481).
  • Finally today, France will hold an IL OAT auction with E1.25-2.00bln on offer of the following: the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Mar-36 OATi (ISIN: FR0013524014), the 0.10% Jul-36 OATei (ISIN: FR0013327491), and the 0.10% Jul-53 OATei (ISIN: FR0014008181).
For more on this week's issuance and a look ahead to next week's issuance see the full PDF here:

EZ240814.pdf

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