Clarifies the net nominal flows section
Germany and France are the only countries due to sell bonds next week. We look for estimated gross nominal issuance of E11.0bln, up from this week’s E8.7bln sold.
- Germany will kick off issuance for the week on Tuesday with E4bln of the 1.30% Oct-27 Bobl (ISIN: DE0001141869) on offer.
- On Thursday, France will look to sell E5-6bln of MT Oats. On offer will be the off-the-run 0.50% May-25 OAT (ISIN: FR0012517027) and the on-the-run 0.75% Feb-28 OAT (ISIN: FR001400AIN5)
- France will return later in the day to issue E0.5-1.0bln of linkers: the 1.85% Jul-27 OATei (ISIN: FR0011008705), the 3.15% Jul-32 OATei (ISIN: FR0000188799) and the 0.10% Mar-32 OATi (ISIN: FR0014003N51).
- Spain has cancelled its auction that was scheduled for Thursday.
NET NOMINAL FLOWS: There are only negligible redemptions due next week but coupon payments of E2.4bln are due (of which E2.3bln are German). With estimated gross issuance of E11.0bln, MNI estimates net nominal issuance of positive E8.5 bln next week, versus this week’s positive E8.6bln.
For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.