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EGB Supply - W/C 27 Feb, 2023 (2/2)

EUROZONE ISSUANCE
  • On Thursday, Spain will look come to the market to sell 3/6/10-year Bonos/Oblis and a 10-year Obli-Ei: the 2.80% May-26 Bono (ISIN: ES0000012L29), the 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 3.15% Apr-33 Obli (ISIN: ES0000012L52) and the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12). The auction size will be announced this afternoon.
  • Later on Thursday, France will look to sell E10.5-12.0bln of LT OATs: the 2.00% Nov-32 OAT (ISIN: FR001400BKZ3), the 1.25% May-34 OAT (ISIN: FR0013313582), the 1.25% May-38 OAT (ISIN: FR0014009O62) and the 4.00% Apr-60 OAT (ISIN: FR0010870956).

NET NOMINAL FLOWS: This week sees E28.8bln of redemptions: largely from E15.5bln of a formerly 5-year BTP, E10.0bln of a formerly 3-year OAT and E3.0bln of a formerly 10-year SlovGB. Coupons for the week sum to E9.4bln (E7.3bln Italian, E1.5bln French). With estimated gross nominal issuance of E32.7bln this week, we look for net flows of negative E5.4bln, compared to last week’s positive E40.8bln.

For more on this week's issuance see the PDF here.

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