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EGB Supply for W/C Feb 15 (1/2)

EUROZONE ISSUANCE

Slovakia, Germany, Spain and France are all scheduled to hold auctions this week. We estimate nominal issuance of E20.8bln from auctions. There is also market talk that Italy might hold a syndication with either a 20+ year BTP launch/tap or Green BTP launch.

  • Slovakia kicks off issuance for the week today with E527mln of SlovGBs on offer: E100mln of the 0% Jun-24 SlovGB, E127.4mln of the 3.625% Jan-29 SlovGB, E200mln of the 1.00% Oct-30 SlovGB and E100mln of the 2.00% Oct-47 SlovGB.
  • Wednesday will see Germany come to the market to sell E1.5bln of the 1.25% Aug-48 Bund.
  • On Thursday, Spain looks to sell Bonos/Oblis with the amount to be confirmed on Monday. On offer will be: the 0% May-24 Bono, the 0.80% Jul-27 Obli, the 0.10% Apr-30 Obli and the off-the-run 4.90% Jul-40 Obli.
  • France will then look to sell E9.5-10.5bln of MT OATs: the 0% Feb-24 OAT, the 0% Feb-26 OAT and the off-the-run 0.50% May-29 OAT.
  • France will also sell linkers on Thursday with E1.25-1.75bln on offer. The 0.10% Mar-26 OATei, the 0.10% Mar-36 OATi and the 0.10% Jul-47 OATei will all be available.

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