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EGB Supply For W/C May 2, 2022

EUROZONE ISSUANCE
MNI (London)

Germany has sold bonds this week for E2.3bln. Spain, France and Belgium remain due to sell bonds this week for a further E16.6bln. We look for gross nominal issuance of E18.9bln, down from E23.0bln last week.

  • Germany kicked off issuance for the week on Tuesday, selling E750mln (E560mln allotted) of the 0.10% Apr-33 ILB (ISIN: DE0001030583).
  • Yesterday, Germany returned to the market, selling E1.5bln (E1.464bln allotted) of the 0% Aug-31 Green Bund (ISIN: DE0001030732).
  • Today, Spain will look to sell the on-the-run 5-year Bono and 7/50-year on-the-run Oblis for a combined E4-5bln alongside the 0.70% Nov-33 Obli-Ei for a further E250-750mln. 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).
  • Also this morning, 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 E18.9bln, this leaves estimated net flows for the week at negative E10.9bln (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.

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