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Off Lows


(Z1) Remains Heavy


Indian Issuance Plan Looms


(Z1) Trend Conditions Remains Bearish


(Z1) Needle Still Points South


(Z1) Bear Trend Sequence Intact

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Austria, Germany, Spain, France and Belgium are all due to issue EGBs next week. We estimate total gross nominal issuance of E18.5bln for the week, slightly lower than this week's E19.9bln.

  • Austria will kick off issuance for the week on Tuesday with E1.495bln of 4/10-year RAGBs on offer: the 0% Apr-25 and the 0% Feb-31.
  • Germany will look to sell E4bln of the 0% Oct-26 Bobl on Wednesday.
  • Spain will come to the market Thursday to sell benchmark 3/5/10-year nominals and the 10-year linker: the 0% May-24 Bono, the 0% Jan-26 Bono, the 0.50% Oct-31 Obli and the 1.00% Nov-30 Obli-Ei. The amount on offer will be confirmed Monday.
  • France will look to sell E6.5-7.5bln of LT OATs, also on Thursday. On offer will be the 1.50% May-31 OAT, the 5.75% Oct-32 OAT and the 1.25% May-34 OAT.
  • Belgium will conclude issuance for the week on Friday through the ORI facility with details to be announced Thursday.

NET NOMINAL FLOWS: There is one redemption, a BTP with E22.6bln outstanding (originally issued as a 15-year) with E4.9bln of coupons (of which E4.7bln are from Italy). With gross nominal issuance of E18.5bln this would leave net nominal flows at minus E9.0bln for the week, a smaller net contraction in supply than this week's E18.7bln.

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