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EGB Supply For W/C Aug 15, 2022

EUROZONE ISSUANCE

Germany and France were the only countries 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 on Tuesday, allotting E3.242bln of the 1.30% Oct-27 Bobl (ISIN: DE0001141869).
  • Yesterday, France sold E5.999bln of MT OATs, the top of the target range: E2.199bln of the off-the-run 0.50% May-25 OAT (ISIN: FR0012517027) and E3.800bln of the on-the-run 0.75% Feb-28 OAT (ISIN: FR001400AIN5)
  • France returned later in the day to issue E1.000bln of linkers, the top of the target range: E650mln of the 1.85% Jul-27 OATei (ISIN: FR0011008705), E249mln of the 3.15% Jul-32 OATei (ISIN: FR0000188799) and E101mln of the 0.10% Mar-32 OATi (ISIN: FR0014003N51).
  • Spain cancelled its auction that was scheduled for yesterday.

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 E8.7bln, MNI estimates net nominal issuance of positive E8.6 bln next week, versus this 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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