EGB Supply

Spain, France and Belgiumwill look to hold auctions this week while the ESM already held a syndication and Austria and Germany held auctions already this week. We pencil in estimated gross issuance for the week at E28.3bln, down from E31.2bln this week.

• Today, Germany will return to the market to hold a 15-year bund auction. On offer will be E1bln of the on-the-run 2.60% May-41 Bund (ISIN: DE000BU2F009) alongside E500mln of 1.00% May-38 Bund (ISIN: DE0001102598).
• Tomorrow, Spain will hold a Bono / Obli / ObliEi auction. On offer will be a combined E5-6bln of both the on-the-run 3-year 2.50% May-27 Bono (ISIN: ES0000012M77) and the 10-year 3.45% Oct-34 Obli (ISIN: ES0000012N35), as expected, alongside the 3.50% May-29 Bono (ISIN: ES0000012M51). As well as E0.25-0.75bln of the 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8) will be on offer.
• Also tomorrow, France will hold an LT OAT auction for E10-12bln. The on-the-run 10-year 3.00% Nov-34 OAT (ISIN: FR001400QMF9) and the on-the-run 30-year 3.25% May-55 OAT (ISIN: FR001400OHF4) are on offer, as we expected, alongside the 1.25% May-36 OAT (ISIN: FR0013154044) and the 0.50% May-40 OAT (ISIN: FR0013515806).
• Finally on Friday, Belgium will hold an ORI auction, likely for up to E500mln. Details will be announced the preceding day.

For more on this week's issuance and a look ahead to next week's issuance see the full PDF here: EZ240904.pdf