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EGB supply for W/C Apr 5, 2021

EUROZONE ISSUANCE

Q2 issuance will kick off this week with Austria, Germany, Spain and France all due to hold auctions. There is also a good chance that we see at least one EGB syndication this week with Finland, Ireland, Portugal and Slovakia among the leading candidates. We estimate E26.0bln of gross nominal issuance this week, over double the E12.6bln issued last week. However, with a large Bobl redemption due, net nominal flows are likely to be similar to last week.

  • Austria will kick off issuance this morning with E1.495bln of 10/30-year RAGBs on offer. Namely the 0% Feb-31 RAGB and the 0.75% Mar-51 RAGB.
  • Germany will then come to the market tomorrow with E4bln of the 0% Apr-26 Bobl on offer.
  • On Thursday, Spain looks to sell E5-6bln of the 5-year 0% Jan-26 Bono, 7-year 0% Jan-28 Bono, off-the-run 23-year 5.15% Oct-44 Obli and E0.5-1.0bln of the 0.70% Nov-33 Obli-Ei.
  • France will conclude issuance for the week on Thursday with LT OATs on offer for E10-11bln. The highlight will be the launch of the new 10-year OAT, the 0% Nov-31. Also on offer will be the 0% Nov-29 OAT and the 0.75% May-52 OAT.

NET NOMINAL FLOWS: E21.9bln of redemptions are due this week, with the majority (E21bln) from a Bobl due to mature 9 April, E925mln of a Slovenian bond originally issued as a 7-year is also due to mature. Coupons next week total E0.7bln. With expected issuance of E26.0bln, net nominal flows are expected to be E3.3bln, in line with the E3.3bln seen last week.

For more details see the MNI EZ/UK bond auction calendar here.

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