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EGB Supply For W/C Oct 12

EUROZONE ISSUANCE
Germany, France, Italy, Spain, the Netherlands and Portugal will issue bonds in the W/C Oct 12. We estimate supply of E26.2bn compared to E10.4bn last week.
  • ISSUANCE: The Netherlands will be the first to come to market on Tuesday with a sale of the 0% Jan-27 DSL for E1.5-2.5bn. Italy will sell the 0.0% Jan-24 BTP, 0.95% Sep-27 BTP and 2.45% Sep-50 BTP for a combined E6.0-8.5bn target. On Wednesday Germany will tap the 0% Aug-50 bund for E1bn. Portugal will auction the 2.125% Oct-28 OT and the 4.1% Apr-37 OT for E0.75-1.00bn. Spain and France will hold auctions on Thursday. Spain will sell the 0% Jan-26 bono with issue volume TBA. France will then wrap up for the week with a sale of the 0.50% May-25 OAT, 0.0% Feb-26 OAT and the 2.75% Oct-27 OAT for E6.5-7.5bn as well as the 0.70% Jul-30 OATEi and the 0.10% Mar-36 OATi for E0.5-1.0bn.
  • CASH FLOWS: E34.2bn in redemptions and E1.2bn in coupon payments will leave net cash flows at E-9.3bn for the week.
** For further details please see https://emedia.marketnews.com/cfm121020fdst.pdf
MNI London Bureau | +44 0203-865-3808 | bruce.jeffery@marketnews.com