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EGB Supply: W/C 14 Aug, 2023

EUROZONE ISSUANCE

Germany, France and Finland all look to issue this week. We pencil in gross nominal issuance of E17.9bln compared to E10.5bln last week.

  • Germany will kick off issuance for the week this morning with E5.5bln of the 3.10% Sep-25 Schatz (ISIN: DE000BU22023) on offer.
  • Germany will then return to the market tomorrow with a 30-year Bund auction. E1.0bln of the 0% Aug-50 Bund (ISIN: DE0001102481) will be on offer alongside E1.5bln of the 0% Aug-52 Bund (ISIN: DE0001102572).
  • Thursday will see France hold a MT OAT auction, where it will look to sell E7.5-8.5bln across the following OATs: The 3Y 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 6Y 2.75% Feb-29 OAT (ISIN: FR001400HI98) and the 8Y 1.50% May-31 OAT (ISIN: FR0012993103) which was last on offer in September 2022.
  • France will return to the market later on Thursday to hold an IL OAT auction, where it will look to sell E0.5-1.0bln across the following OATei’s: The new 0.10% Jul-27 OATei (ISIN TBA) and the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0).

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