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EGB Supply - W/C 17 July, 2023 (2/2)

EUROZONE ISSUANCE
  • Spain will come to the market on Thursday to hold a Bono/Olbi auction. On offer will be the 3-year on-the-run 2.80% May-26 Bono (ISIN: ES0000012L29), alongside the 5-year 1.40% Apr-28 Obli (ISIN: ES0000012B39), the on-the-run 15-year 3.90% Jul-39 Obli (ISIN: ES0000012L60) and the 30-year 1.00% Oct-50 Obli (ISIN: ES0000012G00). The auction size will be announced this afternoon.
  • France will also come to the market on Thursday to hold a MT OAT auction for E11-12bln. Both of the on-the-run issues are on offer, the 3-year 2.50% Sep-26 OAT (ISIN: FR001400FYQ4) and the 5-year 2.75% Feb-29 OAT (ISIN: FR001400HI98, alongside the 0.75% May-28 OAT (ISIN: FR0013286192).
  • France will return later on Thursday to launch a new OATei, the new 0.60% Jul-34 OATei, for E1.75-2.25bln.

NET NOMINAL FLOWS: This week sees large redemptions totalling E41.9bln: E17.4bln of a formerly 10-year Netherlands DSL, E11.7bln of an originally 7-year Italian CCTeu, E9.8bln of a formerly 7-year Austrian RAGB and E3.0bln of a formerly long 3-year EFSF-bond. Coupons for the week total E3.0bln of which E1.8bln are Portuguese and E0.7bln are Belgian. This leaves estimated net flows of negative E16.0bln in the week, in contrast to the positive E27.4bln seen last week.

For more on this week and next week's supply as well as a recap of last week's issuance see the PDF here.

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