EGB Supply For W/C Jan 31, 2021

Germany, Spain, France and Belgium are all scheduled to sell bonds this week. We look for E23.1bln of gross nominal issuance, down from E27.4bln last week.

• Germany will kick off issuance tomorrow with E6bln of its new 0% Mar-24 Schatz on offer.
• Spain will then come to the market on Thursday. A new 3-year 0% May-25 Bono will be launched, alongside a reopening of the benchmark 10-year 0.70% Apr-32 Obli, the 15-year 4.20% Jan-37 Obli and the 0.65% Nov-27 Obli-Ei. Auction amounts will be announced this afternoon.
• Also Thursday, France will come to the market to sell E10.5-11.5bln of LT / Green OATs on offer: the off-the-run 0% Nov-30 OAT, the 10-year 0% May-32 OAT, the 30-year 0.75% May-53 OAT and the 0.50% Jun-44 Green OAT.
• Belgium will look to conclude issuance on Friday with E500mln available through an ORI operation, with details to be confirmed Thursday.

NET NOMINAL FLOWS: The week ahead sees a E23.2bln Spanish redemption, USD1.5bln of a Lithuanian bond and E3.0 bln EFSF bond all due to mature. Coupons for the week at estimated at E11.0bln. With estimated gross nominal issuance of E23.1bln, that leaves net flows for the week at negative E15.4bln (from positive E26.9bln last week).

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