MNI Test 3, Please Ignore

MNI BRIEF: China Limits, Tightens IPO To Boost Listing Quality

MNI BRIEF: China February New Loans, TSF Pull Back Sharply

MNI BRIEF: China To Strengthen Shareholding Reduction Rules

MNI BRIEF: Net MLF Drain Not Sign Of Tight Liquidity - Paper

MNI: PBOC Conducts CNY387 Bln MLF Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 629; OIL RIGS 510; GAS RIGS 116

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

Bond Supply Calendar: EU Synd W/C 18-Mar; SK, BE, BoE APF Ops Mon

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGB Supply for W/C Jan 18

EUROZONE ISSUANCE

France, Spain, Germany, Finland and Slovakia are all scheduled to hold auctions in the W/C 18 January. We estimate supply of E21.5bln from these auctions. In addition, the EU has issued an RFP for its SURE bonds. There could be further syndications in the week with Greece the most likely additional issuer to come to the market. The prior week saw issuance of E42.8bln (with E21.0bln from syndications).

  • Issuance for the week will kick off on Monday with Slovakia offering E0.53bln. E150mln of the 1.00% Jun-28 SlovGB, E150mln of the 1.00% Oct-30 SlovGB, E78.4mln of the 1.625% Jan-31 SlovGB and E150mln of the 1.00% May-32 SlovGB are available.
  • The EU will issue at least one SURE bond via syndication. Based on previous issuance, we would expect a dual tranche transaction of either 10/20-year maturities or 7/25-year. The transaction could take place on Monday but no date is confirmed.
  • On Tuesday, Finland will come to the market, offering E1bln of the 0% Sep-30 RFGB.
  • On Wednesday, Germany will look to sell E1.5bln of the 0% Aug-50 Bund.
  • Spain will come to the market on Thursday, with amounts to be announced. On offer will be the 0% Jan-26 Bono, the 0.80% Jul-27 Obli 1.20%, the Oct-40 Obli and the 1.85% Jul-35 ObliEi.
  • France will then come to the market to sell E8.5-10.0bln of nominals and E1.5-2.5bln linkers. The new 0% Feb-24 OAT and 0.10% Jul-31 OATEi will both be launched, while the 0% Feb-26 OAT and the 0.75% Nov-28 OAT will be reopened.
CASH FLOWS: With issuance of E21.5bln (ex syndications), redemptions of E7.5bln (E5bln EFSF, E1.5bln Slovenia, E1bln Latvia) and coupons of E0.4bln, net flows for the week are estimated at E13.6bln, substantially down from the prior week's E38.7bln.

For more see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.