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EGB Supply W/C 15 May, 2023 (1/2)

EUROZONE ISSUANCE

Slovakia, Finland, France, Germany, Greece and Spain all look to issue in the upcoming week. We pencil in gross nominal issuance of E25.0bln from announced operations.

  • Slovakia will kick off auctions on Monday. We will see reopenings of the 4-year 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 10-year 4.00% Oct-32 SlovGB (ISIN: SK4000021986), the 12-year 3.75% Feb-35 SlovGB (ISIN: SK4000022539) and the 0.375% Apr-36 SlovGB (ISIN: SK4000018958)
  • On Tuesday, Finland will come to the market to sell E1.0-1.5bln of RFGBs. We pencil in a reopening of the 10-year 3.00% Sep-33 RFGB (ISIN: FI4000550249) alongside another RFGB.
  • France will hold its MT OAT auction on Wednesday (a day ahead of its normal Thursday timing due to the Ascension Day holiday) with E10.0-11.0bln on offer of the 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 1.00% May-27 OAT (ISIN: FR0013250560) and the 2.75% Feb-29 OAT (ISIN: FR001400HI98).
  • Greece will also come to the market on Wednesday. We don’t have a strong conviction on what will be on offer but note that in April E300mln of the 4.25% Jun-33 GGB (ISIN: GR0124039737) was sold.
  • Germany will then look to sell E4bln of the 10-year 2.30% Feb-33 Bund (ISIN: DE000BU2Z007).
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