EGB Supply - W/C 18 Sep, 2023 (1/3)

Slovakia, Belgium, Finland, Greece, Spain and France look to issue in the week ahead. We pencil in gross nominal issuance of E23.6bln, down from E30.7bln this week. Although note that this is before we have any syndications.

• Slovakia will kick off issuance for the week on Monday morning with a 4/10/12/25-year SlovGB auction (the size will not be announced in advance): the 4-year 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the inaugural reopening of the 10-year 3.625% Jun-33 SlovGB (ISIN: SK4000023230) which was launched via syndication in June, the 3.75% Feb-35 SlovGB (ISIN: SK4000022539) and the 2.00% Oct-47 SlovGB (ISIN: SK4120013400).
• Belgium will also look to issue on Monday, holding an auction for E1.8-2.3bln of 10/30-year OLOs: a reopening of the on-the-run 10-year 3.00% Jun-33 OLO (ISIN: BE0000357666) and the on-the-run 30-year 3.30% Jun-54 OLO (ISIN: BE0000358672). Given the recent reduction in the OLO funding target for the year and with only two OLOs rather than three on offer, we had looked for a slightly smaller auction than we have seen through 2023, either the same as or smaller than the E2.8bln auction seen in August possible, so the smaller auction size was largely expected.