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EGB Supply for W/C Jul 12 (2/2)

  • Germany will return to the market Wednesday to sell E4bln of the 10-year 0% Aug-31 Bund.
  • Also Wednesday, Portugal will hold an auction for E0.75-1.00bln of OTs with the 0.475% Oct-30 OT and 4.10% Apr-37 OT on offer.
  • On Thursday, Spain will sell 3/7/10-year on-the-run issues and an 15-year off-the-run issue with amounts to be announced this afternoon. On offer will be the 0.25% Jul-24 Bono, the 0% Jan-28 Bono, the 0.50% Oct-31 Obli and the 4.20% Jan-37 Obli.
  • France then looks to sell E9.5-10.5bln of MT OATs with the following on offer: the 0% Feb-24 OAT, the 0% Feb-26 OAT, the 2.75% Oct-27 OAT and the 0.75% Nov-28 OAT.
  • France will conclude issuance for the week with E1.25-1.75bln of 10/15-year OATeis on offer: the 0.10% Jul-31 OATei and the 0.10% Jul-36 OATei.

NET NOMINAL FLOWS: There is just one redemption this week, E16.5bln of a Netherlands DSL which was originally issued with a 10-year maturity. In addition, there are E3.1bln of coupon payments (of which around 60% are Dutch). This leaves net nominal flows for the week at E29.0bln, versus last week's minus E15.1bln.

For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document here.

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