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  • On Wednesday, Germany returned to the market to launch the new 0% Aug-31 Bund, with E4.085bln allotted with a E5bln issuance volume.
  • Spain sold E5.52bln of its on-the-run 3/7/15-year bonds on Thursday, the middle of its E5-6bln target range: E1.967bln of the 0% May-24 Bono, E2.164bln of the 0% Jan-28 Bono and E1.390bln of the 0.85% Jul-37 Obli.
  • France then sold E10bln of MT OATs (the top of the E9-10bln range): E3.134bln of the 0.50% May-25 OAT, E3.150bln of the 0% Feb-27 OAT, E1.880bln of the 0.75% May-28 OAT and E1.835bln of the 0.50% May-29 OAT.
  • France returned later in the day to sell E2.22bln of linkers: E751mln of the 0.10% Mar-25 OATi, E897mln of the 0.10% Jul-31 OATei and E576mln of 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 E50.6bln, we look for net nominal flows of E49.5bln, 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.