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

EUROZONE ISSUANCE

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

  • Spain will kick off by selling E5-6bln of the 3-year 0% May-24 Bono, the 7-year 0% Jan-28 Bono and the 10-year 0.10% Apr-31 Obli.
  • France will look to sell E9.5-10.5bln of MT OATs. 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.

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