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EGB Supply Is Estimated At EUR21.3bn For W/C Sep 14

EUROZONE ISSUANCE
Germany, France and Spain will issue EGBs the W/C Sep 14. We estimate supply (excl any potential syndications) of EUR21.3bn compared to EUR27.4bn last week.
  • RECAP: Germany came to market on Tuesday for the first of two taps this week, with E3.279bn of the 0% Nov-27 bund allotted.
  • ISSUANCE: On Wednesday Germany will re-open the 1.25% Aug-48 bund for E1.5bn. Thursday will be the busiest day with France and Spain both holding auctions. Spain will sell the 0% Apr-23 Bono, 0.80% Jul-27 Obli, 4.70% Jul-41 Obli and the 1.00% Oct-50 Obli for a combined E4.0-5.0bn. France will auction the 0% Feb-23 OAT, 0.50% May-26 OAT and the 0.75% May-28 OAT for E7.5-8.5bn as well as the 0.10% Mar-26 OATEi, 0.70% Jul-30 OATEi and the 0.10% Jul-47 OATEi for E0.725-1.25bn.
  • CASH FLOWS: E6bn in redemptions and E1.1bn in coupon payments will leave net cash flows at E14.1bn for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow Matrix: https://emedia.marketnews.com/cfm140920fdsq.pdf

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