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

EUROZONE ISSUANCE
  • Spain kicked off Thursday's issuance selling E4.74bln of nominal bonds against a target of E4-5bln and E547mln of linkers (E250-750mln target): E1.878bln of the 0% Jan-26 Bono, E1.652bln of the 1.40% Apr-28 Obli, E1.209bln of the 1.00% Oct-50 Obli and E547mln of the 0.70% Nov-33 Obli-Ei.
  • France conclude issuance for the week selling E10.99bln of LT OATs (E10-11bln target): E2.794bln of the 0% Nov-30 OAT, E4.176bln of the 0% Nov-31 OAT, E2.023bln of the 1.25% May-36 OAT and E1.999bln of 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 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 E29.6bln for the week, up from E19.8bln last week.

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

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