Germany, Spain, France and Belgium are due to sell bonds next week. We look for gross nominal issuance of E19.4bln, down from E23.0bln this week.
- Germany will kick off issuance for the week on Tuesday with E750mln of the 0.10% Apr-33 ILB on offer (ISIN: DE0001030583).
- On Wednesday, Germany will return to the market to sell E1.5bln of the 0% Aug-31 Green Bund (ISIN: DE0001030732).
- On Thursday, Spain will look to sell the on-the-run 5-year Bono and 7/50-year on-the-run Oblis alongside the 0.70% Nov-33 Obli-Ei. On offer will be the 0% Jan-27 Bono (ISIN: ES0000012J15), the 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 1.45% Oct-71 Obli (ISIN: ES0000012H58) and the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12). Issuance amounts will be announced on Monday.
- Also Thursday, France will look to sell E10-11bln of benchmark 10/20/30-year OATs: the 0% May-32 OAT (ISIN: FR0014007L00), the 0.50% May-40 OAT (ISIN: FR0013515806) and the 0.75% May-53 OAT (ISIN: FR0014004J31).
- Belgium will conclude issuance for the week on Friday with a E500mln ORI operation planned. Details will be announced on Thursday.
NET NOMINAL FLOWS: There are E20.9bln of redemptions in the week ahead, a formerly 5-year Spanish Bono. In addition, there are E7.8bln of coupon payments (of which E4.6bln are Italian and E2.8bln Austrian). With estimated gross issuance of E19.4bln, this leaves estimated net flows for the week at negative E10.4bln (up from negative E31.8bln this week).
For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.