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EGB Supply For W/C May 16, 2022 (2/2): Upcoming

EUROZONE ISSUANCE
  • This morning, Germany will return to the market to sell E1.5bln of the 30-year 0% Aug-52 Bund (ISIN: DE0001102572).
  • Spain will come to the market tomorrow to sell E5-6bln of Bonos, Oblis and Green Oblis. On offer will be the 0% May-25 Bono (ISIN: ES0000012K38), the 0.80% Jul-27 Obli (ISIN: ES0000012G26), the 0.70% Apr-32 Obli (ISIN: ES0000012K20) and the 1.00% Jul-42 Green Obli (ISIN: ES0000012J07).
  • France will then look to sell E10.0-11.5bln of the MT OATs (including the launch of the new long 5-year OAT): the 0% Feb-25 OAT (ISIN: FR0014007TY9), the 0% Feb-26 OAT (ISIN: FR0013508470) and the new 0.75% Feb-28 OAT (ISIN: TBA).
  • France will return later tomorrow to sell E1.0-1.5bln of IL OATs. On offer will be the 0.10% Jul-31 OATei (ISIN: FR0014001N38), the 0.10% Mar-32 OATi (ISIN: FR0014003N51) and the 0.10% Mar-36 OATi (ISIN: FR0013524014).

NET NOMINAL FLOWS: There will be E11.9bln of redemptions this week (E11.5bln of which are Italian BTPei with an original maturity of six years) and coupon payments of E3.3bln (of which E1.7bln are Italian and E0.9bln Dutch). This leaves estimated net flows for the week at positive E14.4bln (down from positive E29.1bln 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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