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EGB Supply (3/3)

  • Thursday will see Spain come to the market to hold a Bono/Olbi auction for E4.0-5.0bln. On offer will be the 2.15% Oct-25 Obli (ISIN: ES00000127G9), the 0.80% Jul-29 Obli (ISIN: ES0000012K53) and the on-the-run 10-year 3.55% Oct-33 Obli (ISIN: ES0000012L78). The auction size is slightly lower than the expectations we set out last week, but we have since had the announcement of the 15-year ObliEi syndication (that we expect tomorrow). So despite the smaller auction, this week's Spanish issuance in total is likely to be higher than we had previously pencilled in.
  • France will then come to the market to hold a medium-term OAT auction for E10.0-11.5bln. We note that unlike LT OAT auctions, the top of the range has been achieved at every MT OAT auction since March 2021. On offer will be the on-the-run 3/5-year OATs (the 2.50% Sep-26 OAT (ISIN: FR001400FYQ4) and the 2.75% Feb-29 OAT (ISIN: FR001400HI98)) alongside off-the-run 4/7-year OATs (the 2.75% Oct-27 OAT (ISIN: FR0011317783) and the 2.50% May-30 OAT (ISIN: FR0011883966)).
  • France will then conclude issuance for the week later on Thursday with a combined E1.25-1.75bln of index-linked OATs for auction: the 0.10% Mar-26 OATei (ISIN: FR0013519253), the 0.10% Mar-29 OATei (ISIN: FR0013410552) and the 0.10% Mar-36 OATi (ISIN: FR0013524014).
For more on this week and next week's supply see the PDF here:


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