Free Trial

EGB Supply For W/C Aug 29, 2022 (2/2)

EUROZONE ISSUANCE
  • On Thursday, Spain will look to sell E4-5bln of on-the-run 3-year Bonos and 10/30-year Oblis: the 0% May-25 Bono (ISIN: ES0000012K38), 2.55% Oct-32 Obli (ISIN: ES0000012K61) and the 1.90% Oct-52 Obli (ISIN: ES0000012K46). Also on offer will be E250-750mln of the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12) .
  • Also Thursday, France will look to sell E9-10bln of long-term OATs. On offer will be the 1.50% May-31 OAT (ISIN: FR0012993103), 2.00% Nov-32 OAT (ISIN: FR001400BKZ3) and the 1.25% May-38 OAT (ISIN: FR0014009O62).
  • Concluding Thursday’s issuance, Ireland will look to hold its only bond auction of the quarter. The details will be announced today. MNI expects a E0.75-1.00bln auction size with the 0.35% Oct-32 IGB on offer, potentially alongside another bond.
  • Belgium will conclude issuance for the week on Friday through its ORI facility. We expect 1-3 off-the-run OLOs to be on offer for a combined total of E500mln. Details will be announced Thursday.

NET NOMINAL FLOWS: This week will see redemptions from Italy and Malta totalling E20.3bln – E19.6bln of this will be from a formerly 10-year BTP. There will also be E7.8bln of Italian coupon payments due. With estimated gross issuance of E33.6bln, MNI estimates net nominal issuance of positive E5.6bln this week, down from last week’s positive E16.0bln.

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.