EGB Supply: W/C 17 April, 2023 (3/3)

• On Thursday Spain will come to the market to sell the on-the-run 7-year 0.80% Jul-29 Obli (ISIN: ES0000012K53), the on-the-run 10-year 3.15% Apr-33 Obli (ISIN: ES0000012L52) and the 25-year 2.70% Oct-48 Obli (ISIN: ES0000012B47). The auction size will be confirmed this afternoon.
• Also Thursday, France will look to hold a MT OAT auction for E10.0-11.5bln. On offer will be the 3-year 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the new 2.75% Feb-29 OAT (ISIN: TBC) and the 0% Nov-29 OAT (ISIN: FR0013451507).
• France will return to the market later on Thursday to hold an IL OAT auction with E1.25-1.75bln on offer. AFT looks to sell the 0.10% Mar-28 OATi (ISIN: FR0013238268), the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).
• On Friday, Italy will come to the market. We expect a reopening of the 3.40% Mar-25 BTP Short Term (ISIN: IT0005534281) alongside a BTPei.

NET NOMINAL FLOWS: This week sees redemptions totalling E41.5bln (E5.0bln of a formerly 10-year RFGB, E20.5bln of a German ILB, E6.2bln of a formerly 3-year RAGB and E9.8bln of a BTP Italia). Coupons for the week total E4.1bln. of which E2.1bln are German and E0.7bln Portuguese. With estimated gross nominal issuance of E45.4bln in the week, we look for net flows to be almost flat at negative E0.2bln, down from E4.9bln last week.

For more on this week's issuance, a preview next week and a recap of last week's issuance events click here.