EGB Supply For W/C Mar 14, 2022

Germany, Finland, Spain and France are due to sell bonds this week. We look for E27.5bln of gross nominal issuance, up from E14.1bln last week.

• Germany kicked off issuance for the week on Tuesday, allotting E4.403bln of the 0% Mar-24 Schatz with issuance volumes of E5.5bln.
• Finland also come to the market on Tuesday, selling E1.0bln of the 10-year 0.125% Sep-31 RFGB.
• Yesterday, Germany returned to the market to reopen the 10-year 0% Feb-32 Bund, allotting E3.427bln with issuance volumes of E4.0bln.
• Spain will come to the market this morning to sell a combined E5.0-6.0bln the on-the-run 3-year 0% May-25 Bono, the off-the-run 1.40% Jul-28 Obli and the on-the-run 0.70% Apr-32 Obli.
• France will conclude Eurozone issuance for the week today with a MT OAT auction followed by a linker auction one hour later. On offer will be E9.0-10.0bln of MT OATs: the 0.50% May-26 OAT, the benchmark 5-year 0% Feb-27 OAT and 0.50% May-29 OATs.
• At the following linker auction, E1.0-1.5bln of OATeis will be on offer: the 10-year 0.10% Jul-31, the 15-year 0.10% Jul-36 and the 30-year 0.10% Jul-53 OATei.

NET NOMINAL FLOWS: The week ahead sees an Irish redemption of E6.8bln (initially a 7-year bond), and coupon payments of E4.9bln (of which E2.6bln are Italian). With estimated gross nominal issuance of E27.5bln, net flows for next week are estimated at positive E15.8bln (following negative flows of E0.1bln last week).

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