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EGB Supply For W/C Apr 18, 2022

EUROZONE ISSUANCE

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.

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