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EGB Supply For W/C May 30, 2022 (2/2)

EUROZONE ISSUANCE
  • On Thursday, Spain will look to sell off-the-run 3/9-year Oblis and an on-the-run 7-year Obli for a combined E3.5-4.5bln and E250-750mln of a 5-year Obli-Ei. On offer will be the 4.65% Jul-25 Obli (ISIN: ES00000122E5), the 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 0.10% Apr-31 Obli (ISIN: ES0000012H41) and the 0.65% Nov-27 Obli-Ei (ISIN: ES00000128S2). E3.5-4.5bln of nominals.
  • Also Thursday, France will offer E9.5-10.5bln of 10/15/30-year OATs: the 0% May-32 OAT, the 1.25% May-36 OAT and the 0.75% May-52 OAT.
  • Belgium has an ORI operation scheduled for Friday, with details to be announced on Thursday afternoon. We expect a E500mln operation.
  • In addition, we expect the German 0% Aug-50 Green Bund (ISIN: DE0001030724) to be reopened via syndication either this week or next.

NET NOMINAL FLOWS: There will be E16.1bln of redemptions this week (E15.8bln of which are an Italian CTZ) and coupon payments of E1.8bln (of which E1.7bln are Spanish). This leaves estimated net flows for the week at positive E7.8bln (close to a reverse of the negative E9.1bln 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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