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EGB supply for W/C Apr 19, 2021 (2/2)

EUROZONE ISSUANCE
  • Thursday will see Spain issue E5-6bln the on-the-run 3-year 0% May-24 Bono, an off-the-run 7-year 1.50% Apr-27 Obli and the on-the-run 10-year 0.10% Apr-31 Obli.
  • Also Thursday, France will issue E10-11bln of MT OATs. The highlight will be the 0% Feb-27 which will be built up as the 5-year benchmark. Also on offer are the 3-year 0% Feb-24 OAT and 8-yera 0.50% May-29 OAT.
  • Concluding the week, France will sell E1.5-2.0bln of linkers. The 0.10% Mar-26 OATei, the 0.10% Mar-36 OATi and the 0.10% Jul-47 OATei will be on offer.
NET NOMINAL FLOWS: There are no redemptions this week and with coupon payments of just E0.8bln and gross nominal issuance of E33.4bln, we estimate net nominal flows of E32.6bln this week, up from E7.3bln last week.

For a longer-term calendar of all announced future operations see the MNI UK/EZ Bond Supply Calendar here.

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