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EGB supply for W/C 31 May, 2021


Belgium, Germany, Spain and France will all look to issue bonds this week. We look for gross nominal issuance of E25.3bln, up from last week's E18.3bln.

  • Belgium will kick off issuance for the week this morning, and conclude issuance for the month of May. It looks to sell E2.9-3.4bln of 4/10/30-year OLOs, specifically the 0.80% Jun-25 OLO, the 0% Oct-31 OLO and the 1.70% Jun-50 OLO.
  • Germany will look to sell linkers tomorrow with up to E800mln on offer: E400mln of each the 0.50% Apr-30 ILB and the 0.10% Apr-33 ILB.
  • Germany will then return to the market Wednesday to sell E4bln of the 0% Apr-26 Bobl.
  • On Thursday, Spain will look to sell the 5-year 0% Jan-26 Bono, the off-the-run 1.45% Oct-27 Obli, the 20-year 1.20% Oct-40 Obli and the 0.65% Nov-27 Obli-Ei. The amount will be announced on Monday.
  • France will conclude issuance for the week with E10-11bln of LT OATs/Green OAT on offer: the 0% Nov-31 OAT, the 4.00% Apr-55 OAT, the 0.50% May-72 OAT and the 0.50% Jun-44 Green OAT.

NET NOMINAL FLOWS: There is a E15.7bln BTP redemption due on 1 June (the originally 5-year 0.45% Jun-21 BTP) and a E4.75bln EU bond maturing on 4 June (originally used for the EFSM programme as a 10-year 3.50% Jun-21 bond). Coupon payments will total 2.0bln (E1.7bln from Italy). With gross nominal issuance of E25.3bln, we look for small positive flows of E2.8bln. Last week saw a net negative nominal flow of E-11.9bln.

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