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EGB supply for W/C Mar 15, 2021: Upcoming

EUROZONE ISSUANCE

Spain and France are both due to come to the market today. We estimate an additional E17.6bln will be sold. This would leave estimate nominal gross issuance of E37.5bln for the week, up from the E29.5bln issued last week.

  • Spain looks to sell E5.5-6.5bln 3/7/30-year Bonos/Oblis. It will launch a new 7-year Bono, the 0% Jan-28 Bono, as well as reopening the 3-year 0% May-24 Bono and the 30-year 1.00% Oct-50 Obli.
  • France returns to the market to sell E8.5-9.5bln of 2/5/7-year OATs (the 0% Feb-24 OAT, the 0% Feb-26 OAT and the 0.75% May-28 OAT). In addition France looks to sell E1.5-2.0bln of linkers (the 0.10% Mar-26 OATei, the 0.10% Mar-28 OATi and the 0.70% Jul-30 OATei).
Net nominal flows: There is a E900mln ITALY FRN due to mature this week (originally issued 15-years ago) but there are no other redemptions due. Coupon payments for the week total E2.4bln. With nominal gross issuance of E37.5bln this week, we look for net nominal flows of E34.2bln (up from E15.0bln last week). This will be the highest week of net nominal flow since the last week of January.

For more details and a full calendar of all announced operations see the MNI Eurozone/UK Bond Auction Calendar here.

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