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EGB Supply W/C 14 Nov, 2022 (2/2)

EUROZONE ISSUANCE
  • On Wednesday, Germany will return to the market to offer E1.5bln of the 15-year 1.00% May-38 Bund (ISIN: DE0001102598).
  • Spain will come to the market Thursday with the on-the-run 3-year 0% May-25 Bono (ISIN: ES0000012K38), the off-the-run 10-year 0.70% Apr-32 Obli (ISIN: ES0000012K20) and the off-the-run 22-year 5.15% Oct-44 Obli (ISIN: ES00000124H4). The amount on offer will be announced this afternoon.
  • France will then look to sell E7-8bln of MT OATs. On offer will be the 0.75% Feb-28 OAT (ISIN: FR001400AIN5), the 0.75% Nov-28 OAT (ISIN: FR0013341682) and the 0.50% May-29 OAT (ISIN: FR0013407236).
  • France will also look to sell E1.0-1.5bln of OATeis on Thursday: the 0.10% Jul-31 OATei (ISIN: FR0014001N38), the 3.15% Jul-32 OATei (ISIN: FR0000188799) and the 0.10% Jul-47 OATei (ISIN: FR0013209871).
NET NOMINAL FLOWS: The upcoming week will a E5.0bln EFSF redemptions (formerly 5-year) and coupons of E0.7bln (mainly Italian). With estimated gross issuance of E3.3bln, MNI estimates net nominal issuance of positive E27.6bln in the week ahead, up from this week’s positive E22.7bln.


For more on this week's issuance see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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  • On Wednesday, Germany will return to the market to offer E1.5bln of the 15-year 1.00% May-38 Bund (ISIN: DE0001102598).
  • Spain will come to the market Thursday with the on-the-run 3-year 0% May-25 Bono (ISIN: ES0000012K38), the off-the-run 10-year 0.70% Apr-32 Obli (ISIN: ES0000012K20) and the off-the-run 22-year 5.15% Oct-44 Obli (ISIN: ES00000124H4). The amount on offer will be announced this afternoon.
  • France will then look to sell E7-8bln of MT OATs. On offer will be the 0.75% Feb-28 OAT (ISIN: FR001400AIN5), the 0.75% Nov-28 OAT (ISIN: FR0013341682) and the 0.50% May-29 OAT (ISIN: FR0013407236).
  • France will also look to sell E1.0-1.5bln of OATeis on Thursday: the 0.10% Jul-31 OATei (ISIN: FR0014001N38), the 3.15% Jul-32 OATei (ISIN: FR0000188799) and the 0.10% Jul-47 OATei (ISIN: FR0013209871).
NET NOMINAL FLOWS: The upcoming week will a E5.0bln EFSF redemptions (formerly 5-year) and coupons of E0.7bln (mainly Italian). With estimated gross issuance of E3.3bln, MNI estimates net nominal issuance of positive E27.6bln in the week ahead, up from this week’s positive E22.7bln.


For more on this week's issuance see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.