EGB Supply W/C 12 June, 2023 (2/2) - Upcoming

• Germany will return to the market on Wednesday 14 June with E4bln of the 10-year 2.30% Feb-33 Bund (ISIN: DE000BU2Z007) on offer.
• Wednesday will also potentially see Portugal hold an outright or exchange auction though there have been no announcements to this effect as of June 9th.
• Thursday will see Spain come to the market to sell M-T/L-T Bonos/Oblis: 2.80% May-26 (ISIN: ES0000012L29), 5.15% Oct-28 (ISIN: ES00000124C5), and 3.90% Jul-39 (ISIN: ES0000012L60). Sizes will be announced in the week of the auction.
• On Thursday France will hold a MT OAT auction. On offer will be a combined E11-12bln of OATs: the 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 0.75% Nov-28 OAT (ISIN: FR0013341682) and the 2.75% Feb-29 OAT (ISIN: FR001400HI98).
• France will then return to the market later in the morning to hold an IL OAT auction, to sell a combined E1-1.5bln of the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-31 OATei (ISIN: FR0014001N38) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).
• Finland will conclude issuance for the week on Thursday with an ORI Facility operation. Details will be announced on Tuesday.

NET NOMINAL FLOWS: Next week sees redemptions totalling E28.3bln (E12.3bln of a formerly 3-year BTP and E16.0bln of Schatz) while coupons for the week are expected to be E0.7bln. With estimated nominal issuance of E44.1bln, this would leave estimated net flows of positive E15.1bln for the week.

For more on next week's supply, a recap of this week's issuance and a look ahead to two weeks from now see the PDF here: https://roar-assets-auto.rbl.ms/files/53419/EZ2306...