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EGB Supply for W/C Jul 12: Upcoming

EUROZONE ISSUANCE
This week will see heavy issuance. We estimate another E22.8bln will be issued this week, in addition to the E31.7bln already sold. This would mean gross nominal issuance for the week would stand at E54.4bln of gross nominal issuance. Issuance will comfortably exceed last week's E16.3bln.
  • Germany will return to the market this morning to sell E4bln of the 10-year 0% Aug-31 Bund.
  • Also this morning, 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.
  • Tomorrow, 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 tomorrow 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) and Portugal bought back USD1.124bln of 3-year USD notes. This leaves net nominal flows for the week at E33.9bln, versus last week's minus E15.1bln.

For a full calendar of all scheduled supply operations see the MNI Eurozone/UK Bond Auction Calendar here.

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