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

EUROZONE ISSUANCE
  • In the "near future" the German 0% Aug-50 Green Bund (ISIN: DE0001030724) will be reopened via syndication in a E4bln WNG transaction. We expect the transaction to take place today.
  • Tomorrow, 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).
  • Also tomorrow, 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 tomorrow afternoon. We expect a E500mln operation.

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 E11.8bln (more than reversing the negative E9.1bln of 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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