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EGB SUPPLY ESTIMATED AT E20.5BN FOR W/B AUGUST 31

EUROZONE ISSUANCE
Germany, France and Spain will issue EGBs in the week commencing August 31. We estimate supply of E20.5bn compared to E29.0bn last week.
  • ISSUANCE: Germany is scheduled to hold two auctions (and potentially a syndication), with the first taking place on Tuesday when the 0.10% Apr-26 iBund and 0.10% Apr-46 iBund will be offered for E0.25bn each. The Deutsche Finanzagentur returns on Wednesday to sell E4bn of the 0% Oct-25 Bobl. Spain will re-open the 0% Jan-35 Bono, 1.40% Apr-28 Obli, 1.85% Jul-35 Obli and the 0.70% Nov-33 Obli-Ei on Thursday with issue volumes TBA. France will conclude issuance for the week with the 0% Nov-30 OAT, 1.25% May-36 OAT, 0.75% May-52 OAT and 4.00% Apr-60 OAT on offer for E9.5-11.0bn.
  • CASH FLOWS: E40.5bn in redemptions and E10.5bn in coupon payments will leave net cash flows at E-30.5bn for the week.
  • For further details please MNI Eurozone Issuance Profile & Cash Flow Matrix: https://emedia.marketnews.com/cfm310820fdss.pdf

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