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EGB supply for W/C Apr 5, 2021 (2/2)

EUROZONE ISSUANCE

Spain and France are both scheduled to hold auctions today. We estimate a further E16.5bln of issuance today in addition to the E21.5bln so far this week, leaving E38.0bln of gross nominal issuance for the week, significantly higher than the E12.6bln issued last week.

  • This morning, 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 this morning 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 E38.0bln, net nominal flows are expected to be E15.3bln, larger than the E3.3bln seen last week.

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

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