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EGB Supply For W/C July 18, 2022

EUROZONE ISSUANCE

Belgium, Germany, Spain and France have already held auctions this week. We look for estimated gross nominal issuance of E26.2bln, slightly higher than this week’s E24.8bln sold.

  • Belgium kicked off issuance on Monday selling E3.652bln of 5/10/30-year OLOs against a target of E2.7-3.7bln: E931mln of the 0% Oct-27 OLO (ISIN: BE0000351602), E1.604bln of the 0.35% Jun-32 OLO (ISIN: BE0000354630) and E1.117bln of the 1.40% Jul-53 OLO (ISIN: BE0000355645).
  • On Tuesday, Germany sold E4bln (E2.684bln allotted) of the 1.30% Oct-27 Bobl (ISIN: DE0001141869).
  • Germany returned to the market Wednesday to sell E1.5bln (E1.282bln allotted) of the 0% Aug-30 Green Bund (ISIN: DE0001030708).
  • Yesterday, Spain sold a combined E5.061bln of of on-the-run 3/5-year Bonos and the 10-year Obli against a E4.5-5.5bln target: E1.131bln of the 0% May-25 Bono (ISIN: ES0000012K38), E1.535bln of the 0% Jan-27 Bono (ISIN: ES0000012J15) and E2.395bln of the 2.55% Oct-32 Obli (ISIN: ES0000012K61).
  • Also yesterday, France sold E10.496bln of MT OATs, the top of the target range: E3.285bln of the 0% Feb-25 OAT (ISIN: FR0014007TY9), E3.510bln of the 0.75% Feb-28 OAT (ISIN: FR001400AIN5) and E3.701bln of the 0.75% May-28 OAT (ISIN: FR0013286192).
  • Concluding the week’s issuance France returned to the market to sell E1.493bln of inflation-linked OATs - again the top of the target range: E415mln of the 0.10% Mar-28 OATi (ISIN: FR0013238268), E768mln of the 0.10% Jul-31 OATei (ISIN: FR0014001N38) and E310mln of the 0.10% Jul-53 OATei (ISIN: FR0014008181)

NET NOMINAL FLOWS: This week sees no redemptions and coupon payments of just E0.4bln. Together with estimated gross issuance of E26.2bln, MNI estimates net nominal issuance of positive E25.8bln this week, versus last week’s negative E6.6bln.

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Belgium, Germany, Spain and France have already held auctions this week. We look for estimated gross nominal issuance of E26.2bln, slightly higher than this week’s E24.8bln sold.

  • Belgium kicked off issuance on Monday selling E3.652bln of 5/10/30-year OLOs against a target of E2.7-3.7bln: E931mln of the 0% Oct-27 OLO (ISIN: BE0000351602), E1.604bln of the 0.35% Jun-32 OLO (ISIN: BE0000354630) and E1.117bln of the 1.40% Jul-53 OLO (ISIN: BE0000355645).
  • On Tuesday, Germany sold E4bln (E2.684bln allotted) of the 1.30% Oct-27 Bobl (ISIN: DE0001141869).
  • Germany returned to the market Wednesday to sell E1.5bln (E1.282bln allotted) of the 0% Aug-30 Green Bund (ISIN: DE0001030708).
  • Yesterday, Spain sold a combined E5.061bln of of on-the-run 3/5-year Bonos and the 10-year Obli against a E4.5-5.5bln target: E1.131bln of the 0% May-25 Bono (ISIN: ES0000012K38), E1.535bln of the 0% Jan-27 Bono (ISIN: ES0000012J15) and E2.395bln of the 2.55% Oct-32 Obli (ISIN: ES0000012K61).
  • Also yesterday, France sold E10.496bln of MT OATs, the top of the target range: E3.285bln of the 0% Feb-25 OAT (ISIN: FR0014007TY9), E3.510bln of the 0.75% Feb-28 OAT (ISIN: FR001400AIN5) and E3.701bln of the 0.75% May-28 OAT (ISIN: FR0013286192).
  • Concluding the week’s issuance France returned to the market to sell E1.493bln of inflation-linked OATs - again the top of the target range: E415mln of the 0.10% Mar-28 OATi (ISIN: FR0013238268), E768mln of the 0.10% Jul-31 OATei (ISIN: FR0014001N38) and E310mln of the 0.10% Jul-53 OATei (ISIN: FR0014008181)

NET NOMINAL FLOWS: This week sees no redemptions and coupon payments of just E0.4bln. Together with estimated gross issuance of E26.2bln, MNI estimates net nominal issuance of positive E25.8bln this week, versus last week’s negative E6.6bln.

Keep reading...Show less