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(Z1) Bearish Trend Condition


(Z1) Bearish Price Sequence


(Z1) Off Recent Highs


(Z1)‌‌ Support Appears Exposed

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Spain and France are both still scheduled to hold auctions this week and we look for a further E16.0bln of issuance to bring total gross nominal issuance for the week to E37.7bln, up from E12.4bln last week.

  • Tomorrow, Spain will sell E4.5-5.5bln of on-the-run 3/5-year Bonos and the on-the-run 10-year Obli: the 0% May-24 Bono, the 0% Jan-26 Bono and the 0.50% Oct-31 Obli.
  • France will then look to sell E8-9bln of MT OATs. On offer will be the 2.25% May-24 OAT, the 0.25% Nov-26 OAT and the 0% Feb-27 OAT.
  • Issuance for the week will conclude tomorrow when France returns to the market to sell E1.5-2.0bln of 5/10/20-year OATeis. On offer will be the 0.10% Mar-26 OATei, the 0.10% Jul-31 OATei and the 1.80% Jul-40 OATei.

NET NOMINAL FLOWS: Redemptions this week total E35.4bln (E15.9bln of an Austrian RAGB originally issued as a 15-year and E19.5bln of a BTPei originally issued as a 10-year). Coupon payments total E3.7bln (of which E2.9bln are Italian). With estimated gross nominal issuance of E37.7bln, we look for net nominal issuance of negative E1.4bln for the week (sharply up from the negative E38.9bln seen from the E50bln of German redemptions last week).

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