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EGB Supply For W/C Nov 15, 2021 (2/2)

  • Spain will come to the market on Thursday with the 5-year on-the-run 0% Jan-27 Bono, the off-the-run 0.60% Oct-29 Obli and the on-the-run 10-yaer 0.50% Oct-31 Obli all on offer. Amounts will be confirmed on Monday.
  • Also on Thursday, France will look to sell E6.5-7.5bln of MT OAT. On offer will be the on-the-run 3-year 0% Feb-24 OAT, the on-the-run 5-year 0% Feb-27 OAT and the off-the-run 2.75% Oct-27 OAT.
  • The week's issuance will conclude on Thursday with France also selling E1.25-1.75bln of linkers: the 0.10% Mar-26 OATei, the 0.10% Mar-28 OATi and the 0.70% Jul-30 OATei.

NET NOMINAL FLOWS: There are only negligible redemptions in the upcoming week and E0.7bln of coupon payments (E0.6bln Italian), so we look for net nominal flows for the week of positive E16.0bln slightly lower than last week's positive E18.9bln.

For a calendar of all announced EGB/EU/ESM/EFSF/gilt auctions see the MNI EZ/UK Bond Supply Calendar here.

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