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

EUROZONE ISSUANCE
  • This morning, 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 this morning, 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 today'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 tomorrow 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 this afternoon.

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.

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