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EGB Supply For W/C Sep 13, 2021 (2/2)

EUROZONE ISSUANCE
  • Austria held a syndicated launch of a new 15-year RAGB maturing 20 October 2036 on Thursday with a transaction size of E5.0bln (with E4.5bln allotted) and books in excess of E41bln.
  • On Thursday, Spain sold E5.19bln of on-the-run 3/5/10-year issues against a target of E4.5-5.5bln: E1.39bln of the 0% May-24 Bono, E1.75bln of the 0% Jan-26 Bono and E2.05bln of the 0.50% Oct-31 Obli.
  • France then sold E9.0bln of MT OATs (top of the target range): E3.138bln of the 2.25% May-24 OAT, E2.652bln of the 0.25% Nov-26 OAT and E3.208bln of the 0% Feb-27 OAT.
  • France concluded issuance for the week, selling E1.862bln of 5/10/20-year OATeis against a E1.5-2.0bln target: E988mln of the 0.10% Mar-26 OATei, E541mln of the 0.10% Jul-31 OATei and E333mln of 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 E44.0bln, we look for net nominal issuance of positive E4.9bln for the week (sharply up from the negative E38.8bln 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.

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