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EGB Supply For W/C Nov 15, 2021: Upcoming

EUROZONE ISSUANCE

Spain and France are both still due to issue today to conclude EGB issuance for the week. MNI estimates gross issuance for the week at E17.1bln, down from last week's E19.0bln.

  • Spain will come to the market this morning 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-year 0.50% Oct-31 Obli all on offer for a combined E4-5bln.
  • Also this morning, 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 later today 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 this week and E0.7bln of coupon payments (E0.6bln Italian), so we look for net nominal flows for the week of positive E16.4bln 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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