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EGB supply for W/C Mar 15, 2021 (1/2)

EUROZONE ISSUANCE

France, Germany, Finland and Spain are all due to come to the market this week while Slovakia held an auction yesterday. Including the French Green OAT syndication, we estimate nominal gross issuance of E32.7bln for the week, up from the E29.5bln issued last week.

  • France announced a mandate to sell its new Green OAT maturing 25 June 2044 via syndication. We pencil in a transaction of E7-8bln. Note that the launch of the 1.75% Jun-39 Green OAT saw E7bln sold in 2017 and now has E28.9bln outstanding. We expect the transaction to take place today.
  • Germany will come to the market this morning with E5bln of the 0% Mar-23 Schatz on offer.
  • Also this morning, Finland looks to sell E1bln of RFGBs. On offer will be E500mln of both the 0% Sep-30 RFGB and the 0.125% Apr-52 RFGB .
  • RECAP:
    • Slovakia came to the market yesterday to sell E422mln of SlovGBs: E103mln of the 1.00% Jun-28 SlovGB, E110mln of the 0.75% Apr-30 SlovGB, E110mln of the 1.00% May-32 SlovGB and E99mln of the 2.00% Oct-47 SlovGB.

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