EGB supply for W/C May 17, 2021: Upcoming

The Germany, Finland, the EFSF, Spain and France are all still due to come to the market this week. We estimate gross net issuance of E47.5bln for the week, up from last week's E18.8bln.

• Germany will return to the market this morning to sell E4bln of the 0% Feb-31 Bund.
• The EFSF will hold an auction today to reopen its long 4 year 0% Oct-25 bond for E1bln.
• Finland will also come to the market in the "near future" to hold a syndication for its new 10-year Sep-31 RFGB. The size is set at E3bln (WNG) and we expect it to take place today.
• Spain will kick off tomorrow's issuance by selling the 3-year 0% May-24 Bono, the 7-year 0% Jan-28 Bono and the 10-year 0.10% Apr-31 Obli. Issuance volumes will be announced on Monday.
• France will look to sell E9.5-10.5bln of MT OATs tomorrow. On offer will be the short 3-year 0% Feb-24 OAT, the long 5-year 0% Feb-27 OAT and the 7-year 0.75% Nov-28 OAT.
• France will conclude issuance for the week selling linkers for E2-3bln. It will launch a new 10-year OATi (0.10% Mar-32 OATi) and reopen the 15-year 0.10% Jul-36 OATei.

NET NOMINAL FLOWS: There are only E0.75bln redemptions this week while coupon payments total E2.3bln. With gross nominal issuance of E47.5bln, we estimate net nominal flows of E44.4bln this week. This is up on the E20.5bln last week.

For a longer-term outlook see the MNI EZ/UK bond auction calendar here.