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EGB Supply For W/C Aug 15, 2022

EUROZONE ISSUANCE
MNI (London)

Germany has already sold bonds this week, leaving France as the only remaining country due to sell bonds this week. We look for estimated gross nominal issuance of E11.0bln, up from this week’s E8.7bln sold.

  • Germany kicked off issuance for the week yesterday morning, selling E4bln (E3.242bln allotted) of the 1.30% Oct-27 Bobl (ISIN: DE0001141869).
  • 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 this 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 E8.6bln this week, versus last week’s negative E22.1bln.

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

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