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EGB supply for W/C 31 May, 2021

EUROZONE ISSUANCE

Germany will look to return to the market today while Spain and France look to issue tomorrow; Belgium and Germany have already issued this week. We look for gross nominal issuance of E24.8bln for the week, up from last week's E18.3bln.

  • Belgium kicked off issuance on Monday, and concluded issuance for the month of May. It sold E3.4bln of 4/10/30-year OLOs, at the top of its E2.9-3.4bln target range: E980mln of the 0.80% Jun-25 OLO, E1.477bln of the 0% Oct-31 OLO and E945mln of the 1.70% Jun-50 OLO.
  • Germany sold linkers yesterday with issuance volumes of E400mln each: E355mln was allotted of the 0.50% Apr-30 ILB and E310mln allotted of the 0.10% Apr-33 ILB.
  • Germany will return to the market this morning to sell E4bln of the 0% Apr-26 Bobl.
  • Tomorrow, 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 E24.8bln, we look for small positive flows of E2.3bln. Last week saw a net negative nominal flow of E-11.9bln.

For more details on future EGB operations see the MNI Eurozone/UK Bond Supply Calendar here.

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