EGB Supply - W/C 4 December, 2023

Germany, Italy, Spain, France and Finland are due to issue this week. We pencil in gross nominal issuance of E16.4bln, up from E14.9bln last week.

• Germany will complete 2023 issuance with a Schatz auction this morning. On offer will be E4.5bln of the 3.10% Dec-25 Schatz (ISIN: DE000BU22031).
• Italy has announced it will hold an exchange auction on Wednesday. On offer will be a combined up to E3bln of the 4.75% Sep-28 BTP (ISIN: IT0004889033) and the 5.00% Aug-39 BTP (ISIN: IT0004286966). The MEF will look to buy back the 0% Apr-24 BTP (ISIN: IT0005439275), the 1.75% Jul-24 BTP (ISIN: IT0005367492), the 3.75% Sep-24 BTP (ISIN: IT0005001547) and the Feb-24 CCTeu (ISIN: IT0005218968).
• Spain will look to come to the market on Thursday to hold its final Obli/ObliEi auction of 2023. In line with recent years, Spain has limited duration in its December auction to around 15-years, while the auction is also a smaller size with a combined E2.5-3.5bln of the 0.60% Oct-29 Obli (ISIN: ES0000012F43), the on-the-run 15-year 3.90% Jul-39 Obli (ISIN: ES0000012L60) and the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12) on offer.
• France will also come to the market on Thursday to hold its last auction of the year with a combined E4-5bln of nominals and linkers on offer: the 2.75% Oct-27 OAT (ISIN: FR0011317783), the 0% May-32 OAT (ISIN: FR0014007L00), the 1.25% May-34 OAT (ISIN: FR0013313582) and the 0.10% Mar-29 OATei (ISIN: FR0013410552).
• Finland will look to conclude its 2023 issuance on Thursday by holding an ORI operation (generally these are for up to E400mln).

For more on this week and next week's supply see the PDF here:

EZ231205.pdf