EGB Supply For W/C Apr 18, 2022

Slovakia, Germany, Finland, Spain and France are due to sell bonds next week. We look for gross nominal issuance of E24.0bln, up from E22.0bln this week.

• Slovakia will kick off issuance on Tuesday morning with E500mln of 3/8/15/30-year SlovGBs on offer: E100mln of the 0.25% May-25 SlovGB (ISIN: SK4000017158), E100mln of the 0.75% Apr-30 SlovGB (ISIN: SK4120015173), E100mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and E200mln of the 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
• Also Tuesday, Germany will look to sell E4bln of the 0% Apr-27 Bobl (ISIN: DE0001141851).
• Concluding Tuesday’s issuance, Finland will look to sell up to E500mln of each of the 10/30-year RFGBs: the 0.75% Apr-31 RFGB (ISIN: FI4000148630) and the 0.125% Apr-52 RFGB (ISIN: FI4000480488).
• Germany will return to the market on Wednesday to sell E1bln of the 2.50% Aug-46 Bund (ISIN: DE0001102341).
• Spain will come to the market Thursday to sell the on-the-run 3-year Bono and off-the-run 10/30-year Oblis. On offer will be the 0% May-25 Bono (ISIN: ES0000012K38), the 5.75% Jul-32 Obli (ISIN: ES0000012411) and the 2.70% Oct-48 Obli (ISIN: ES0000012B47). Auction amounts are still to be confirmed.
• France will conclude issuance for the week with MT/LT OATs on offer.

NET NOMINAL FLOWS: There is a single redemptions in the week ahead, E8.5bln of an Austrian RAGB (originally issued as a 10-year) while coupon payments are expected to come in at E1.0bln. This would leave estimated net flows for the week at positive E14.4bln (from negative E5.6bln this week).

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.