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EGB Supply For W/C Sep 28

EUROZONE ISSUANCE
Germany, France, Italy, Spain and Finland will issue sovereign bonds in the W/C Sep 28. We estimate supply of E29.0bn (from an initial E30.8bn) compared to E22.8bn last week.
  • RECAP: Italy was the first to come to market with an auction of the 0.50% Feb-26 BTP, 0.90% Apr-31 BTP and the Feb-24 CCTeu, with E8.25bn sold. Finland followed with a EUR1bn tap of the 0.125% Apr-36 bond.
  • ISSUANCE: On Wednesday Germany will offer E4bn of the 0% Oct-25 Bobl. Spain and France will both hold auctions on Thursday. Spain will re-open the 0% Jan-25 Bono, 1.25% Oct-30 Obli, 3.45% Jul-66 Obli for E3.0-4.0bn and the 0.70% Nov-33 ObliEi for E0.25-0.75bn. France will then conclude issuance for the week with a sale of the 0% Nov-30 OAT, 1.25% May-34 OAT, 0.50% May-40 OAT, 0.75% May-52 OAT for E10.0-11.5bn.
  • CASH FLOWS: E16.8bn in redemptions and E2.6bn in coupon payments will leave net cash flows at E9.6bn for the week.
** For further details (including our initial supply estimates for the week) please see MNI Eurozone Issuance Profile & Cash Flow Matrix: https://emedia.marketnews.com/cfm280920nmkl.pdf

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