EGB Supply - W/C 15 January, 2024 (1/2)

France, Germany, Greece, Italy and Spain all still look to come to the market this week while Slovakia came to the market on Monday. We pencil in estimated gross issuance for the week at E35.8bln, down from E67.4bln last week.

• France has released a mandate for a new 25-year Green OAT maturing 25 June 2049 for a transaction in the “near future” (we expect today). This is a bit earlier in the month than we had expected (we had expected the end of January). We pencil in a E4-6bln transaction size.
• Also today, Germany will look to sell E4bln of the new 2.10% Apr-29 Bobl (ISIN: DE000BU25026).
• Greece will look to hold an auction on Wednesday, with details due to be announced today.
• Italy will come to the market tomorrow to hold an exchange via the electronic trading system. On offer will be up to E4bln of the on-the-run 10-year 4.20% Mar-34 BTP (ISIN: IT0005560948). The MEF will look to buyback the 1.75% Jul-24 BTP (ISIN: IT0005367492), the 3.75% Sep-24 BTP (ISIN: IT0005001547), the Oct-24 CCTeu (ISIN: IT0005252520), the 1.45% Nov-24 BTP (ISIN: IT0005282527) and the 2.50% Dec-24 BTP (ISIN: IT0005045270).
• Wednesday will also see Germany hold a 30-year Bund auction. On offer will be E1bln of the 0% Aug-52 Bund (ISIN: DE0001102572) alongside E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).