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

EUROZONE ISSUANCE
  • Spain will hold a Bono/Obli auction on Thursday. On offer will be E5.5-6.5bln of the 2.50% May-27 Bono (ISIN: ES0000012M77), the 1.25% Oct-30 Obli (ISIN: ES0000012G34) and the 3.90% Jul-39 Obli (ISIN: ES0000012L60). We had expected a slightly smaller target range given the recent syndication.
  • France will then come to the market to hold a MT OAT auction with E10.5-12.0bln on offer. A new 3-year 2.50% Sep-27 OAT will be on offer alongside the 5-year on-the-run 2.75% Feb-29 OAT (ISIN: FR001400HI98) and the off-the-run 0.50% May-29 OAT (ISIN: FR0013407236).
  • France will conclude issuance for the week, also on Thursday, with an IL OATs auction with a combined E1.5-2.0bln on offer across the 3.40% Jul-29 OATi (ISIN: FR0000186413), the 0.10% Mar-36 OATi (ISIN: FR0013524014), the 0.60% Jul-34 OATei (ISIN: FR001400JI88) and the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0).

NET NOMINAL FLOWS: This week sees heavy redemptions of E33.7bln (E14.4bln of a formerly 3-year BTP, E15.3bln of a formerly 6-year DSL and E4.0bln of a formerly 5-year EFSF-bond. Coupon payments for the week total E4.6bln (E3.7bln Dutch, E0.7bln Italian). This leaves net flows for the week at an estimated negative E6.6bln, versus positive E66.8bln last week.


For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240116.pdf

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