EGB Supply - W/C 2 September, 2024 (2/2)

• On Wednesday, Germany will return to the market to hold a 15-year bund auction. On offer will be E1bln of the on-the-run 2.60% May-41 Bund (ISIN: DE000BU2F009) alongside E500mln of 1.00% May-38 Bund (ISIN: DE0001102598).
• On Thursday, Spain will hold a Bono / Obli / ObliEi auction. On offer are both the on-the-run 3-year 2.50% May-27 Bono (ISIN: ES0000012M77) and the 10-year 3.45% Oct-34 Obli (ISIN: ES0000012N35), as expected, alongside the 3.50% May-29 Bono (ISIN: ES0000012M51). The 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8) will also be on offer. The auction size will be announced on Monday, we look for an upper auction size of E6.0-6.5bln.
• Also on Thursday, France will hold an LT OAT auction for E10-12bln. The on-the-run 10-year 3.00% Nov-34 OAT (ISIN: FR001400QMF9) and the on-the-run 30-year 3.25% May-55 OAT (ISIN: FR001400OHF4) are on offer, as we expected, alongside the 1.25% May-36 OAT (ISIN: FR0013154044) and the 0.50% May-40 OAT (ISIN: FR0013515806).
• Finally on Friday, Belgium will hold an ORI auction, likely for up to E500mln. Details will be announced the preceding day

NET NOMINAL FLOWS: The upcoming week sees one notable redemption: E16.6bln of a formerly 10-year BTP. Coupon payments for the week total E8.9bln, of which E8.4bln are Italian and E0.2bln are from the EFSF. This leaves estimated net flows for the week at positive E3.0bln, down from positive E31.0bln this week.

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