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EGB Supply for W/C Jan 18 (1/2)

EUROZONE ISSUANCE

France, Spain, Germany, Italy, Finland and Slovakia have sold a combined E30.0bln nominal of EGBs this week so far (before all second rounds are accounted for and with E7.0bln from the French syndication). Last week saw issuance of E42.8bln (with E21.0bln from syndications).

  • Issuance kicked off on Monday with Slovakia selling E549.6mln SlovGBs. E167mln of the 1.00% Jun-28 SlovGB, E190mln of the 1.00% Oct-30 SlovGB, E78.4mln of the 1.625% Jan-31 SlovGB and E114.2mln of the 1.00% May-32 SlovGB.
  • France launched its new 50-year 0.50% May-72 OAT on Tuesday via syndication. The transaction saw a record order book of over E75bln and saw E7bln issued (at the top of our expected range of E4-7bln).
  • Also Tuesday, Finland sold E1bln of the 0% Sep-30 RFGB.
  • On Wednesday, Germany allotted E1.264bln of the 0% Aug-50 Bund with an issuance volume of E1.50bln.

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