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EGB Supply For W/C Aug 1, 2022

EUROZONE ISSUANCE

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

  • Germany kicked off issuance for the week yesterday selling E1.5bln of the 15-year 1.00% May-38 Bund (ISIN: DE0001102598).
  • This morning, Spain will look to sell E4-5bln of 4/5/10-year Oblis and E250-750mln of the 12-year Obli-Ei. 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 this morning, 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).
  • Tomorrow, Belgium will hold an ORI Facility operation. The OLOs on offer will be confirmed this afternoon 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 this week, versus last 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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