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EGB Supply W/C 29 May, 2023 (2/2) - Upcoming

EUROZONE ISSUANCE
  • Spain will kick off June issuance on Thursday with a Bono/Olbi/ObliEi auction. On offer will be the 2.80% May-26 Bono (ISIN: ES0000012L29), the 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12) and the 1.90% Oct-52 Obli (ISIN: ES0000012K46). The auction size is expected to be confirmed on Monday.
  • Also Thursday, France will come to the market to sell E9.5-11bln of LT OATs: the 3.00% May-33 OAT (ISIN: FR001400H7V7), the 2.50% May-43 OAT (ISIN: FR001400CMX2) and the 3.00% May-54 OAT (ISIN: FR001400FTH3).
  • Belgium will conclude issuance for the week on Friday with an ORI operation. We look for E500mln to be sold, with the OLOs on offer to be confirmed on Thursday.

NET NOMINAL FLOWS: Next week sees no redemptions and coupons of E2.0bln (of which E1.7bln are Italian). With estimated gross nominal issuance of E32.1bln in the week, we look for net flows of positive E30.2bln in the week ahead in contrast to the negative E40.7bln this week

For more on next week's supply, a recap of this week's issuance and a look ahead to two weeks from now see the PDF here.

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