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

• Germany returned to the market Wednesday, allotting E3.392bln of the 10-year 0% Aug-31 Bund with issuance volumes of E4bln.
• Also Wednesday, Portugal sold E914mln in first round auctions of 10/15-year OTs against a E0.75-1.00bln target with a further E174mln non-competitive: E622mln (E740 inc non-comp) of the 0.475% Oct-30 OT and E292mln (E348mln inc non-comp) of the 4.10% Apr-37 OT.
• On Thursday, Spain sold E5.37bln of 3/7/10-year on-the-run issues and an 15-year off-the-run issue, against a target of E5-6bln: E1.292bln of the 0.25% Jul-24 Bono, E1.617bln of the 0% Jan-28 Bono, E1.424bln of the 0.50% Oct-31 Obli and E1.033bln of the 4.20% Jan-37 Obli.
• France then sold E10.5bln of MT OATs (top of the target range): E4.457bln of the 0% Feb-24 OAT, E2.570bln of the 0% Feb-26 OAT, E1.820bln of the 2.75% Oct-27 OAT and E1.650bln of the 0.75% Nov-28 OAT.
• France concluded issuance for the week selling E1.73bln of OATeis against a E1.25-1.75bln target: E995mln of the 0.10% Jul-31 OATei and E735mln of the 0.10% Jul-36 OATei.

NET NOMINAL FLOWS: There was just one redemption this week, E16.5bln of a Netherlands DSL which was originally issued with a 10-year maturity. In addition, there were 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 positive E37.0bln, 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.