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EGB Supply for W/C Jan 4th, 2021


Germany, Spain and France will issue EGBs in the W/C Jan 4th, 2021. We estimate E28.0bln of supply from these countries, but there is also a very high chance that other Eurozone countries kick off their funding through additional syndications.

  • Issuance: Germany will hold the first two EGB auctions of 2021. On Tuesday, E6bln of the 0% Dec-22 Schatz will be on offer while on Wednesday the new 10-year Bund maturing Feb-31 will be launched with E5bln set to be sold. Spain and France will both come to the market on Thursday. Spain will launch the new 3-year Bono, the 0% May-24 and re-open the 0% Jan-26 Bono, the 1.00% Oct-50 Obli and the 0.70% Nov-33 Obli-Ei. Amounts on offer will be confirmed on Monday. France will conclude issuance for the week with E9.5-11.0bln of L/T OATs. On offer are the 0% Nov-30 OAT, the 0.50% May-40 OAT and the 0.75% May-52 OAT.
  • CASH FLOWS: E19.1bln of redemptions (of which E19.0bln are a maturing Bund) and E5.7bln of coupons (again almost exclusively from Germany) will see net flows for the week of E3.2bln. The prior week saw no issuance with small coupon and redemption payments totaling E0.8bln.
For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix


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