EGB Supply: W/C 1 April 2024 (1/2)

Germany, Spain, France and Finland are all due to issue in the week ahead. We pencil in estimated gross issuance for the week at E33.8bln, around double the E16.8bln of this week. In addition, we expect to receive a funding update from Ireland. We see Greece, Finland and Portugal as the most likely to hold syndications in the week. It may take a little longer past the Easter holidays for the Q2 syndication programmes to get up to speed, but given the negative cash flows seen this week, we could see some early transactions.

• Germany will kick off Q2 issuance on Tuesday with E4.5bln of the 2.50% Mar-26 Schatz (ISIN: DE000BU22049) on offer.
• Germany will then return to the market on Wednesday, looking to sell E4.5bln of the 10-year 2.20% Feb-34 Bund (ISIN: DE000BU2Z023).
• On Thursday, Spain will look to hold a Bono/Olbi/ObliEi auction. On offer will be the on-the-run 5-year 3.50% May-29 Bono (ISIN: ES0000012M51), the on-the-run 10-year 3.25% Apr-34 Obli (ISIN: ES0000012M85) and the on-the-run 15-year 3.90% Jul-39 Obli (ISIN: ES0000012L60). Alongside these the 2.05% Nov-39 Obli-Ei (ISIN: ES0000012M69) will be sold. The auction size is likely to be confirmed on Monday 1 April.