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EGB Supply For W/C Aug 1, 2022

EUROZONE ISSUANCE

Belgium is due to sell bonds today while German, Spain and France have already held auctions this week. 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 on Wednesday selling E1.5bln of the 15-year 1.00% May-38 Bund (ISIN: DE0001102598).
  • Yesterday, Spain sold E4.568bln of of 4/5/10-year Oblis against a E4-5bln target and E582mln of the 12-year Obli-Ei against a E250-750mln target range: E1.026bln of the 1.30% Oct-26 Obli (ISIN: ES00000128H5), E1.755bln of the 0.80% Jul-27 Obli (ISIN: ES0000012G26), E1.787bln of the 2.55% Oct-32 Obli (ISIN: ES0000012K61) and E582mln of the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12).
  • Also yesterday, France sold E5.998bln of LT OATs, the top of the target range: E4.131bln of the 2.00% Nov-32 OAT (ISIN: FR001400BKZ3) and E1.867bln of the 1.25% May-34 OAT (ISIN: FR0013313582).
  • Today, Belgium will hold an ORI Facility operation for up to E500mln. On offer will be the 1.25% Apr-33 Green OLO (ISIN: BE0000346552) and the 2.25% Jun-57 OLO (ISIN: BE0000343526).

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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