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EGB Supply For W/C Aug 1, 2022

EUROZONE ISSUANCE

Germany, Spain, France and Belgium are due to sell bonds next week. We look for estimated gross nominal issuance of E13.1bln, down from this week’s E17.9bln sold.

  • Germany will kick off issuance for the week on Wednesday with E1.5bln of the 15-year 1.00% May-38 Bund (ISIN: DE0001102598) on offer.
  • On Thursday, Spain will look to sell 4/5/10-year Oblis and the 10-year Obli-Ei with amounts to be confirmed on Monday. On offer will be the 1.30% Oct-26 Obli (ISIN: ES00000128H5), the 0.80% Jul-27 Obli (ISIN: ES0000012G26), the 2.55% Oct-32 Obli (ISIN: ES0000012K61) and the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12).
  • Also Thursday, France will look to sell E5-6bln of LT OATs. On offer will be the 2.00% Nov-32 OAT (ISIN: FR001400BKZ3) and the 1.25% May-34 OAT (ISIN: FR0013313582).
  • On Friday, Belgium will hold an ORI Facility operation. The OLOs on offer will be confirmed Thursday but an amount of E500mln is likely.

NET NOMINAL FLOWS: The week ahead sees redemptions totalling E22.4bln - a formerly 5-year BTP for E18.2bln, a formerly 5-year GGB for E3.0bln and a formerly 5-year floating PGB for E1.2bln. In addition there are E12.9bln of coupon payments due – of which E8.4bln are Austrian and E4.4bln Italian. Together with estimated gross issuance of E13.1bln, MNI estimates net nominal issuance of negative E22.2bln next week, versus this week’s negative E13.4bln.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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