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EGB Supply For W/C Apr 18, 2022

EUROZONE ISSUANCE
MNI (London)

Slovakia, Germany and Finland have sold bonds this week for E5.4bln. Germany, Spain and France are still due to sell bonds this week for a further E18.5bln. We look for gross nominal issuance of E23.9bln, up from E22.0bln last week.

  • Slovakia kicked off issuance yesterday with E518mln (vs E500mln target) of 3/8/15/30-year SlovGBs: E128mln of the 0.25% May-25 SlovGB (ISIN: SK4000017158), E62mln of the 0.75% Apr-30 SlovGB (ISIN: SK4120015173), E130mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and E198mln of the 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
  • Also Tuesday, Germany sold E4bln (E3.2835bln allotted) of the 0% Apr-27 Bobl (ISIN: DE0001141851).
  • Concluding Tuesday’s issuance, Finland sold E898mln (vs max E1.0bln) of the 10/30-year RFGBs: E398mln of the 0.75% Apr-31 RFGB (ISIN: FI4000148630) and E500mln of the 0.125% Apr-52 RFGB (ISIN: FI4000480488).
  • Germany will return to the market this morning to sell E1bln of the 2.50% Aug-46 Bund (ISIN: DE0001102341).
  • Spain will come to the market tomorrow to sell E5-6bln of 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).
  • France will conclude issuance for the week on Thursday with a combined E10-11bln of the 0% Feb-25 OAT (ISIN: FR0014007TY9), the 0% Feb-27 OAT (ISIN: FR0014003513) and the 2.50% May-30 OAT (ISIN: FR0011883966) on offer. A further E1.0-1.5bln of linkers will be on offer: the 0.10% Jul-31 OATei (ISIN: FR0014001N38), 0.10% Mar-36 OATi (ISIN: FR0013524014) and 0.10% Jul-53 OATei (ISIN: FR0014008181).

NET NOMINAL FLOWS: There is a single redemption this week, 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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