EGB Supply For W/C Jan 17, 2021 (2/2)

• Thursday will see Spain kick off issuance with the 5-year 0% Jan-27 Bono on offer alongside off-the-run Olblis: the 8-year 0.50% Apr-30 Obli and the 18-year 1.20% Oct-40 Obli. Volumes will be announced this afternoon.
• France will then look to sell E9.5-10.5bln of MT OATs: the new 3-year 0% Feb-25, the 5-year 0% Feb-27 and the off-the-run 7-year 0.75% Nov-28
• France will then return to the market to conclude the week's issuance on Thursday, selling E1.25-1.75bln of linkers: the 0.10% Mar-26 OATei, the 0.10% Jul-31 OATei and the 0.10% Mar-32 OATi.

NET NOMINAL FLOWS: This week sees E19.9bln of redemptions: E15.4bln of a 10-year DSL and E4.5bln of a 3-year ESM bond. There are also E4.7bln of coupon payments (of which E3.9bln are Portuguese). With gross nominal issuance of E24.3bln, that leaves net flows for the week almost flat at negative E0.3bln (from positive E40.2bln last week).

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