EGB Supply - W/C 1 July, 2024 (2/2)

• France also on Thursday, will hold an auction to sell E8.0-10.5bln of the LT OATs. On offer will be the 3.00% May-33 OAT (ISIN: FR001400H7V7), the 1.25% May-34 OAT (ISIN: FR0013313582), the 0.75% May-53 OAT (ISIN: FR0014004J31) and the 1.75% May-66 OAT (ISIN: FR0013154028).
• • We had expected a reduction in auction size to E8.5-10.5bln. So the upper end of the auction range is in line with our expectations, but the lower end marginally smaller. This is a similar reduction in size on offer to the mid-June MT OAT auction.
• Belgium, on Friday will conclude issuance by holding an ORI Facility, likely for up to E500mln. Details will be announced Thursday.
• Funding updates: We expect updates from both Ireland (Monday) and Portugal next week. Belgium, the EU, Germany, Italy the Netherlands and the following countries on the following dates (see page 3 for Germany and the Netherlands):

NET NOMINAL FLOWS: The upcoming week sees a single redemption of E14.1bln from a formerly 5-year BTP. Coupon payments for the week are E8.0bln, of which E6.0bln are German, E0.7bln are Italian, E0.7bln from EU-bonds while E0.5bln are Finnish. This leaves estimated net flows for the week at positive E1.3bln, versus negative E1.2bln this week.

For a recap of this week's issuance and more details on the next two weeks see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.