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EGB Supply - W/C 13 May (2/2)

EUROZONE ISSUANCE
  • Spain will look to hold a Bono / Obli auction on Thursday. On offer will be the on-the-run 3-year 2.50% May-27 Bono (ISIN: ES0000012M77), the on-the-run 5-year 3.50% May-29 Bono (ISIN: ES0000012M51) and the 1.00% Jul-42 Green Obli (ISIN: ES0000012J07).
    • We had also expected the on-the-run 10-year 3.25% Apr-34 Obli (ISIN: ES0000012M85) to be on reopened and we think its omission makes a launch of a new 10-year Obli via syndication either in late May or early June more likely.
  • France will then look to hold a MT OAT auction on Thursday with E10.5-12.0bln on offer across the on-the-run 3-year 2.50% Sep-27 OAT (ISIN: FR001400NBC6), the 2.75% Feb-29 OAT (ISIN: FR001400HI98), the on-the-run 5-year 2.75% Feb-30 OAT (ISIN: FR001400PM68) and the 2.50% May-30 OAT (ISIN: FR0011883966) on offer.
  • Later on Thursday, France will conclude issuance for the week E1.5-2.0bln of IL OATs on offer. On offer will be the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-53 OATei (ISIN: FR0014008181), the 0.10% Mar-28 OATi (ISIN: FR0013238268) and the 0.10% Mar-32 OATi (ISIN: FR0014003N51).

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