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EGB supply for W/C 14 June, 2021: Upcoming

EUROZONE ISSUANCE
Germany, Spain and France are still due to hold auctions and Italy a Specialist tap for an estimated E24.1bln this week. This will leave gross nominal issuance at E50.5bln for the week, up from E35.7bln last week.
  • Italy has announced that it will hold a Specialist tap operation this morning, issuing two off-the-run BTPs with maturities of around 8-years for up to E1.5bln. On offer will be 3.00% Aug-29 BTP and the 5.25% Nov-29 BTP.
  • This morning, Germany will return to the market to launch the new Aug-31 Bund, with a 0% coupon expected and E5bln on offer.
  • Spain will look to tap its on-the-run 3/7/15-year bonds tomorrow for E5-6bln. On offer will be the 0% May-24 Bono, the 0% Jan-28 Bono and the 0.85% Jul-37 Obli.
  • France will look to sell E9-10bln MT OATs: the 0.50% May-25 OAT, the 0% Feb-27 OAT, the 0.75% May-28 OAT and the 0.50% May-29 OAT will all be available.
  • France will return later in the day to sell E1.75-2.25bln of linkers: the 0.10% Mar-25 OATi, the 0.10% Jul-31 OATei and the 0.10% Jul-47 OATei.

NET NOMINAL FLOWS: There are only small redemptions of E0.3bln this week with E0.8bln of coupons. With gross nominal issuance of E50.5bln, we look for net nominal flows of E49.4bln, up substantially from the E14.5bln last week.

For a full calendar of all scheduled supply operations see the MNI Eurozone/UK Bond Auction Calendar here.

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