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EGB Supply - W/C 1 January, 2024

EUROZONE ISSUANCE

Spain, France and Portugal are all due to issue today while Germany and Slovenia kicked off 2024 issuance yesterday. We pencil in E27.2bln of gross issuance from announced operations for the week as a whole.

  • On Thursday, Spain come to the market with a Bono/Obli and ObliEi auction. On offer will be a combined E5.5-6.5bln of the new 3-year 2.50% May-27 Bono (ISIN: ES0000012M77), the on-the-run 5-year 3.50% May-29 Bono (ISIN: ES0000012M51) and the on-the-run 30-year 1.90% Oct-52 Obli (ISIN: ES0000012K46). Additionally, E250-750mln of the 0.65% Nov-27 Obli-Ei (ISIN: ES00000128S2) will be on offer.
  • France will also come to market on Thursday, looking to sell a combined E10.5-12.0bln of on-the-run LT OATs. On offer will be the 10-year 3.50% Nov-33 OAT (ISIN: FR001400L834), the 15-year 1.25% May-38 OAT (ISIN: FR0014009O62) and the 30-year 3.00% May-54 OAT (ISIN: FR001400FTH3).
  • Portugal has released a mandate for a 10-year Oct-34 OT to take place in the “near future”. MNI expects the transaction to take place on Thursday with an issue size of E3-4bln.
  • In addition, there could be further syndications announced (see page 2 of the PDF for a summary of deals expected in January) while we also expect to receive details of Spain’s 2024 funding plans in early January.
For more on this week's supply, a look ahead to next week's supply, a summary of January syndication expectations and summaries of funding plans for 2024, see the PDF here:

EZ240104.pdf

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