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EGB Supply For W/C May 2, 2022

EUROZONE ISSUANCE
MNI (London)

Germany, Spain and France sold bonds this week forE18.9bln. Belgium is left to sell bonds for a further E500mln, bringing gross nominal issuance for the week to E19.4bln, 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).
  • On Wednesday, Germany returned to the market, selling E1.5bln (E1.464bln allotted) of the 0% Aug-31 Green Bund (ISIN: DE0001030732).
  • Yesterday, Spain sold E5.032bln (vs E4-5bln target) of the on-the-run 5-year Bono and 7/50-year on-the-run Oblis, alongside the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12) for a further E574mln (vs E250-750mln range). Spain sold E2.740bln of the 0% Jan-27 Bono (ISIN: ES0000012J15), E1.050bln the 0.80% Jul-29 Obli (ISIN: ES0000012K53) and E1.242bln of the 1.45% Oct-71 Obli (ISIN: ES0000012H58).
  • Also yesterday, France sold top of the E10-11bln range of benchmark 10/20/30-year OATs: E6.279bln of the 0% May-32 OAT (ISIN: FR0014007L00), E2.268bln of the 0.50% May-40 OAT (ISIN: FR0013515806) and E2.452bln of the 0.75% May-53 OAT (ISIN: FR0014004J31).
  • Belgium will conclude issuance for the week with an ORI facility for E500mln today. On offer will be the 4.50% Mar-26 OLO (ISIN: BE0000324336) and the 5.50% Mar-28 OLO (ISIN: BE0000291972).

NET NOMINAL FLOWS: There were E20.9bln of redemptions this week: a formerly 5-year Spanish Bono. In addition, there were 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.

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