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EGB Supply For W/C July 4, 2022 (2/2)

EUROZONE ISSUANCE
  • Spain came to the market yesterday, selling E4.73bln of Oblis against a E4-5bln target and E470mln of the 8-year Obli-Ei against a E250-750mln target: E1.174bln of the off-the-run 5.90% Jul-26 Obli (ISIN: ES00000123C7), E2.263bln of the 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8), E1.294bln of the 2.55% Oct-32 Obli (ISIN: ES0000012K61) and E470mln of the 1.90% Oct-52 Obli (ISIN: ES0000012K46).
  • France concluded issuance for the week, also yesterday, by selling E11.998bln of long-term / Green OATs (the tope of the target range). France sold E5.622bln of the new 10-year 2.00% Nov-32 OAT (ISIN: FR001400BKZ3), E2.229bln of the 0.50% Jun-44 Green OAT (ISIN: FR0014002JM6), E1.455bln of the 2.00% May-48 OAT (ISIN: FR0013257524) and E2.692bln of the 0.75% May-53 OAT (ISIN: FR0014004J31).

NET NOMINAL FLOWS: There was 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 E24.2bln, this leaves estimated net flows for the week at negative E9.2bln (down from last week’s positive E15.1bln).


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

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