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Free AccessEGB Supply For W/C Apr 18, 2022
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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Why MNI
MNI is the leading provider
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