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

EUROZONE ISSUANCE
  • Spain kicked off Thursday's issuance by selling E4.72bln of Bonos/Oblis against an E4-5bln target: E2.157bln of the 5-year 0% Jan-27 Bono, E1.386bln of the 8-year 0.50% Apr-30 Obli and E1.177bln of the 18-year 1.20% Oct-40 Obli.
  • France then sold E10.497bln of MT OATs, the top of its target range: E4.397bln of the new 3-year 0% Feb-25 OAT, E3.962bln of the 5-year 0% Feb-27 OAT and E2.138bln of the off-the-run 7-year 0.75% Nov-28 OAT.
  • France returned to the market to conclude the week's issuance by selling E1.746bln of linkers: E684mln of the 0.10% Mar-26 OATei, E602mln of the 0.10% Jul-31 OATei and E460mln of the 0.10% Mar-32 OATi.

NET NOMINAL FLOWS: This week saw E19.9bln of redemptions: E15.4bln of a 10-year DSL and E4.5bln of a 3-year ESM bond. There were also E4.7bln of coupon payments (of which E3.9bln were Portuguese). With gross nominal issuance of E39.9bln, that leaves net flows for the week at positive E15.3bln ( down 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.

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