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EGB Supply for W/C Jan 18: Upcoming

EUROZONE ISSUANCE

Germany will come to the market today with Spain and France due to sell bonds tomorrow. We estimate total supply of E28.5bln for the week (with E7.0bln from the French syndication). Last week saw issuance of E42.8bln (with E21.0bln from syndications).

  • This morning, Germany will look to sell E1.5bln of the 0% Aug-50 Bund.
  • Spain will come to the market tomorrow, with a target size of E5.5-6.5bln. 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 return to the market tomorrow 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.
  • The EU has issued an RFP to 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. No date is confirmed for the transaction.
CASH FLOWS: With issuance of E28.5bln, redemptions of E7.5bln (E5bln EFSF, E1.5bln Slovenia, E1bln Latvia) and coupons of E0.4bln, net flows for the week are estimated at E

20.6bln, substantially down from last week's E38.7bln.

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

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