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EGB Supply For W/C Mar 14, 2022 - Recap

MNI (London)

Germany, Finland, Spain and France sold bonds this week for E27.6bln 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.
  • Wednesday, Germany returned to the market to reopen the 10-year 0% Feb-32 Bund, allotting E3.427bln with issuance volumes of E4.0bln.
  • Spain came to the market on Thursday, selling a combined E5.6bln of the E5.0-6.0bln on offer: E2.083bln the on-the-run 3-year 0% May-25 Bono, E1.029bln the off-the-run 1.40% Jul-28 Obli and E2.490bln of the on-the-run 0.70% Apr-32 Obli.
  • France concluded Eurozone issuance for the week yesterday with a MT OAT auction followed by a linker auction. A total E9.997bln (top of the target range) of MT OATs were sold: E2.930bln of the 0.50% May-26 OAT, E3.897bln the benchmark 5-year 0% Feb-27 OAT and E3.170bln of the 0.50% May-29 OAT.
  • At the following linker auction, E1.483bln of OATeis were sold (versus E1.0-1.5bln target range): E788mln the 10-year 0.10% Jul-31, E531mln the 15-year 0.10% Jul-36 and E164mln of the 30-year 0.10% Jul-53 OATei.

NET NOMINAL FLOWS: This week saw an Irish redemption of E6.8bln (initially a 7-year bond), and coupon payments of E4.9bln (of which E2.6bln are Italian). With gross nominal issuance of E27.6bln, net flows for the week were a positive E15.9bln (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.

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