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

EUROZONE ISSUANCE
MNI (London)
  • Yesterday Spain sold E5.370bln (vs E4-5bln target) of on-the-run 3-year Bonos and 10/30-year Oblis: E1.701bln of the 0% May-25 Bono (ISIN: ES0000012K38), E1.667bln of the 2.55% Oct-32 Obli (ISIN: ES0000012K61) and E1.587bln of the 1.90% Oct-52 Obli (ISIN: ES0000012K46). A further E415mln (vs E250-750mln range) of the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12) was sold.
  • Also yesterday, France sold top of the E9-10bln target range of long-term OATs: E4.407bln of the 1.50% May-31 OAT (ISIN: FR0012993103), E3.495bln of the 2.00% Nov-32 OAT (ISIN: FR001400BKZ3) and E2.096bln of the 1.25% May-38 OAT (ISIN: FR0014009O62).
  • Concluding yesterday's issuance, Ireland held its only bond auction of the quarter. E350mln of the 0.35% Oct-32 IGB and E900mln of the 1.50% May-50 IGB was reopened.
  • Belgium will conclude issuance for the week today through its ORI facility. On offer will be up to E500mln of the 0.80% Jun-28 OLO (ISIN: BE0000345547) and 2.25% Jun-57 OLO (ISIN: BE0000343526).

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 E33.9bln, MNI estimates net nominal issuance of positive E5.9bln 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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