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EGB supply for W/C May 17, 2021 (2/2)

EUROZONE ISSUANCE
  • On Thursday, Spain sold E5.39bln of 3/7y Bonos/10y Oblis: E1.72bln of the 3-year 0% May-24 Bono, E1.68bln of the 7-year 0% Jan-28 Bono and E1.99bln of the 10-year 0.10% Apr-31 Obli.
  • France then sold E10.49bln of MT OATs: E4.79bln of the short 3-year 0% Feb-24 OAT, E3.30bln of the long 5-year 0% Feb-27 OAT and E2.41bln of the 7-year 0.75% Nov-28 OAT.
  • France concluded issuance for the week selling E2.98bln of linkers: E2.03bln of the new 10-year 0.10% Mar-32 OATi and E0.95bln of the 15-year 0.10% Jul-36 OATei.

NET NOMINAL FLOWS: There were only E0.75bln redemptions this week while coupon payments totalled E2.3bln. With gross nominal issuance of E47.6bln, we estimate net nominal flows of E44.5bln 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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