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EGB Supply - W/C 17 June, 2024 (2/2)

EUROZONE ISSUANCE
  • Spain, on Thursday will hold a Bono/Obli auction and we expect a likely E5-6bln target range (to be announced Monday). As we expected both the 5-year on-the-run 3.50% May-29 Bono (ISIN: ES0000012M51) and the recently launched 10-year 3.45% Oct-34 Obli (ISIN: ES0000012N35) will be on offer. Alongside these, the off-the-run 8-year 0.70% Apr-32 Obli (ISIN: ES0000012K20) will be on offer.
  • France, also on Thursday will then look to hold an MT OAT auction for E8.0-10.5bln. On offer will be the 2.75% Oct-27 OAT (ISIN: FR0011317783), the 5.50% Apr-29 OAT (ISIN: FR0000571218), the on-the-run 2.75% Feb-30 OAT (ISIN: FR001400PM68) and the 0% May-32 OAT (ISIN: FR0014007L00). We were surprised that the on-the-run 2.50% Sep-27 OAT will not be on offer and assume that this is due to market demand for the 2.75% Oct-27 gilt.
  • France will then return later in the day to hold an IL OAT auction with E1.50-2.25bln on offer. On offer will be the 1.85% Jul-27 OATei (ISIN: FR0011008705), the 0.10% Jul-36 OATei (ISIN: FR0013327491), the 0.10% Jul-53 OATei (ISIN: FR0014008181) and the 0.10% Mar-36 OATi (ISIN: FR0013524014).

NET NOMINAL FLOWS: The upcoming week sees a single redemption of E1.6bln from a formerly 4-year SlovGB. Coupon payments for the week are E2.6bln, of which E1.0bln are Italian, E0.8bln are Greek and E0.4bln are Portuguese. This leaves estimated net flows for the week at positive E23.9bln, up from E3.9bln this week.


For a recap of this week's issuance and more details on the next two weeks see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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