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US EURODLR FUTURES

Post-LIBOR Settle Update: Benchmark Bounce

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SONIA FIX - 19/07/22

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EGB Supply For W/C June 13, 2022 (2/2)

EUROZONE ISSUANCE
  • Yesterday, Spain sold E4.511bln of the on-the-run 5-year Bono, an off-the-run Obli with an 8-year residual maturity and the on-the-run 15-year Obli against a target range of E4-5bln: E2.207bln of the 0% Jan-27 Bono (ISIN: ES0000012J15), E1.013bln of the 1.95% Jul-30 Obli (ISIN: ES00000127A2) and E1.291bln of the 0.85% Jul-37 Obli (ISIN: ES0000012I24).
  • France then sold E11.5bln of MT OATs, the top of the target range: E2.725bln of the 0% Feb-25 OAT (ISIN: FR0014007TY9), E3.491bln of the 0.75% Feb-28 OAT (ISIN: FR001400AIN5), E3.189bln of the 0.75% Nov-28 OAT (ISIN: FR0013341682) and E2.094bln of the 0.50% May-29 OAT (ISIN: FR0013407236).
  • Italy then held a buyback of 2025 BTPs for E3.0bln: E1.252bln of the 0.35% Feb-25 BTP, E656mln of the 1.50% Jun-25 BTP and E1.092bln of the 1.85% Jul-25 BTP.
  • France returned Thursday to sell E1.5bln of linkers, again the top of the target range: E730mln of the 1.85% Jul-27 OATei (ISIN: FR0011008705), E270mln of the 0.10% Mar-36 OATi (ISIN: FR0013524014) and E500mln of the 1.80% Jul-40 OATei (ISIN: FR0010447367).

NET NOMINAL FLOWS: A E14.1bln Italian CCT-eu was the only redemption due this week while coupon payments totaled E0.5bln. This left estimated net flows for the week at positive E20.3bln (from the negative E3.1bln last week).

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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  • Yesterday, Spain sold E4.511bln of the on-the-run 5-year Bono, an off-the-run Obli with an 8-year residual maturity and the on-the-run 15-year Obli against a target range of E4-5bln: E2.207bln of the 0% Jan-27 Bono (ISIN: ES0000012J15), E1.013bln of the 1.95% Jul-30 Obli (ISIN: ES00000127A2) and E1.291bln of the 0.85% Jul-37 Obli (ISIN: ES0000012I24).
  • France then sold E11.5bln of MT OATs, the top of the target range: E2.725bln of the 0% Feb-25 OAT (ISIN: FR0014007TY9), E3.491bln of the 0.75% Feb-28 OAT (ISIN: FR001400AIN5), E3.189bln of the 0.75% Nov-28 OAT (ISIN: FR0013341682) and E2.094bln of the 0.50% May-29 OAT (ISIN: FR0013407236).
  • Italy then held a buyback of 2025 BTPs for E3.0bln: E1.252bln of the 0.35% Feb-25 BTP, E656mln of the 1.50% Jun-25 BTP and E1.092bln of the 1.85% Jul-25 BTP.
  • France returned Thursday to sell E1.5bln of linkers, again the top of the target range: E730mln of the 1.85% Jul-27 OATei (ISIN: FR0011008705), E270mln of the 0.10% Mar-36 OATi (ISIN: FR0013524014) and E500mln of the 1.80% Jul-40 OATei (ISIN: FR0010447367).

NET NOMINAL FLOWS: A E14.1bln Italian CCT-eu was the only redemption due this week while coupon payments totaled E0.5bln. This left estimated net flows for the week at positive E20.3bln (from the negative E3.1bln last week).

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.