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EGB Supply For W/C July 4, 2022

EUROZONE ISSUANCE

Austria, Germany, Spain and France are due to sell bonds this week. We look for estimated gross nominal issuance of E24.1bln, up from the E15.3bln sold last week.

  • Austria will kick off issuance for the week tomorrow with a combined E1.495bln of the 0% Oct-28 RAGB (ISIN: AT0000A2VB47) and 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8) on offer.
  • Germany will also come to the market on Tuesday to reopen E0.5bln of the 0.10% Apr-33 ILB (ISIN: DE0001030583).
  • On Wednesday, Germany will look to issue E5bln of the new 1.70% Aug-32 Bund (ISIN: DE0001102606).
  • Spain will come to the market on Thursday, with auction sizes to be announced this afternoon. On offer will be the 5.90% Jul-26 Obli (ISIN: ES00000123C7), 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8), 2.55% Oct-32 Obli (ISIN: ES0000012K61) and the 1.90% Oct-52 Obli (ISIN: ES0000012K46).
  • France will then conclude issuance for the week on Thursday, looking to sell E11.0-12.0bln of long-term / Green OATs including launching a new 10-year 2.00% Nov-32 OAT (ISIN: TBA). Also on offer: the 0.50% Jun-44 Green OAT (ISIN: FR0014002JM6), the 2.00% May-48 OAT (ISIN: FR0013257524) and the 0.75% May-53 OAT (ISIN: FR0014004J31).

NET NOMINAL FLOWS: There is a formerly 10-year Bund due to mature this week for a total of E26.5bln with a further E6.8bln of coupon payments due (of which E6.3bln are German). Together with estimated gross nominal issuance of E24.1bln, this leaves estimated net flows for the week at negative E9.3bln (down from last week’s positive E14.1bln).

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Austria, Germany, Spain and France are due to sell bonds this week. We look for estimated gross nominal issuance of E24.1bln, up from the E15.3bln sold last week.

  • Austria will kick off issuance for the week tomorrow with a combined E1.495bln of the 0% Oct-28 RAGB (ISIN: AT0000A2VB47) and 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8) on offer.
  • Germany will also come to the market on Tuesday to reopen E0.5bln of the 0.10% Apr-33 ILB (ISIN: DE0001030583).
  • On Wednesday, Germany will look to issue E5bln of the new 1.70% Aug-32 Bund (ISIN: DE0001102606).
  • Spain will come to the market on Thursday, with auction sizes to be announced this afternoon. On offer will be the 5.90% Jul-26 Obli (ISIN: ES00000123C7), 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8), 2.55% Oct-32 Obli (ISIN: ES0000012K61) and the 1.90% Oct-52 Obli (ISIN: ES0000012K46).
  • France will then conclude issuance for the week on Thursday, looking to sell E11.0-12.0bln of long-term / Green OATs including launching a new 10-year 2.00% Nov-32 OAT (ISIN: TBA). Also on offer: the 0.50% Jun-44 Green OAT (ISIN: FR0014002JM6), the 2.00% May-48 OAT (ISIN: FR0013257524) and the 0.75% May-53 OAT (ISIN: FR0014004J31).

NET NOMINAL FLOWS: There is a formerly 10-year Bund due to mature this week for a total of E26.5bln with a further E6.8bln of coupon payments due (of which E6.3bln are German). Together with estimated gross nominal issuance of E24.1bln, this leaves estimated net flows for the week at negative E9.3bln (down from last week’s positive E14.1bln).

Keep reading...Show less