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

EUROZONE ISSUANCE
MNI (London)
  • Yesterday Spain sold off-the-run 3/9-year Oblis and an on-the-run 7-year Obli for a combined E4.457bln (towards the top of the E3.5-4.5bln target range) and E670bln (vs E250-750mln range) of a 5-year Obli-Ei. E1.352bln of the 4.65% Jul-25 Obli (ISIN: ES00000122E5), E1.117bln
    of the the 0.80% Jul-29 Obli (ISIN: ES0000012K53) and E1.988bln of the 0.10% Apr-31 Obli (ISIN: ES0000012H41) was sold, as well as a further E670mln of the 0.65% Nov-27 Obli-Ei (ISIN: ES00000128S2).
  • Also yesterday, France sold E10.499bln top of the E9.5-10.5bln range) of 10/15/30-year OATs: E6.114bln of the 0% May-32 OAT, E2.588bln of the 1.25% May-36 OAT and E1.797bln of the 0.75% May-52 OAT.
  • Belgium will hold an ORI operation today, reopening E500mln of the 4.00% Mar-32 OLO (ISIN: BE0000326356) to conclude issuance for the week.

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 E12.4bln (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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