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

EUROZONE ISSUANCE

Italy, Germany, Spain and France are all still scheduled to come to the market this week. We estimate nominal issuance of E34.5bln from announced operations.

  • Italy will hold a dual-tranche syndication in the "near-future" (we expect today). We look for issuance of E10bln from the new 10-year Aug-31 BTP and E4-6bln from the new 30-year May-51 BTPei.
  • 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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