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EGB Supply for W/C 28 June (2/2)

EUROZONE ISSUANCE
  • Spain will be first to issue on Thursday with the 0% Jan-26 Bono, the 1.40% Apr-28 Obli, the 1.00% Oct-50 Obli and the 0.70% Nov-33 Obli-Ei on offer. The target amount will be announced this afternoon.
  • France will conclude issuance for the week on Thursday with E10-11bln of LT OATs on offer: the 0% Nov-30 OAT, the 0% Nov-31 OAT, the 1.25% May-36 OAT and the 0.50% May-40 OAT. We note that this will be the first time in 2021 a LT OAT auction has been held without a 30+ year OAT being auctioned and think this could mean that we see the new 30-year OAT (which is scheduled for H2) be issued via syndication on either 6/13 July. We assign a 70% probability to a syndication on one of these dates.

NET NOMINAL FLOWS: There are E13.3bln of no redemptions due this week, of which E13.0bln are an Italian CTZ. Coupons sum to just E0.5bln. This would leave net nominal flows at E26.5bln for the week, up from E19.8bln last week. Although, as we noted above, this will largely depend on the size of the NGEU syndication.

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

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