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EGB Supply - W/C 18 Sep, 2023 (2/3)

EUROZONE ISSUANCE
  • Finland will look to hold a 7/10-year RFGB auction on Tuesday for a combined E1.5bln: On offer will be up to E500mln of the 7-year 0% Sep-30 RFGB (ISIN: FI4000441878) and up to E1.0bln of the on-the-run 10-year 3.00% Sep-33 RFGB (ISIN: FI4000550249).
  • On Wednesday, Greece will look to hold a GGB auction. Auctions in 2023 have ranged in size from E200-300mln for single line auctions to a combined E400mln for a dual-line auction.
  • Spain will look to hold an auction on Thursday. On offer will be the 2.80% May-26 Bono (ISIN: ES0000012L29), the 0% Jan-28 Obli (ISIN: ES0000012I08) and the 0.50% Oct-31 Obli (ISIN: ES0000012I32). We look for a size of E5.5-6.5bln with the auction size to be announced on Monday. We note a shorter skew than seen in other auctions recently and we think that this increases the probability of a Spanish syndication in September.

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