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EGB Supply For W/C Sept 12, 2022 (2/2)

EUROZONE ISSUANCE
  • On Thursday, Spain will look to sell the 2.15% Oct-25 Obli (ISIN: ES00000127G9), the 0% Jan-27 Bono (ISIN: ES0000012J15) and the 0.50% Apr-30 Obli (ISIN: ES0000012F76). The auction size will be announced on Monday.
  • France will then look to sell E9-10bln of MT OATs. On offer will be the 0% Feb-27 OAT (ISIN: FR0014003513), the 0.75% Feb-28 OAT (ISIN: FR001400AIN5) and the 0% Nov-29 OAT (ISIN: FR0013451507).
  • France will conclude issuance for the week with E0.75-1.25bln of linkers on offer including the 0.10% Mar-25 OATi (ISIN: FR0012558310), the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).

NET NOMINAL FLOWS: The upcoming week will see redemptions of E36.5bln most notably from Italy, Finland and Germany – E16.3bln of a formerly 7-year BTP, E15.0bln of German Schatz and E5.2bln of a former 10-year RFGB. There will also be E3.0bln of coupon payments due, of which E2.7bln are Italian and E0.3bln Irish. With estimated gross issuance of E39.6bln, MNI estimates net nominal issuance of close to flat next week, up from this week’s negative E10.3bln.

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

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