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EGB Supply - W/C 4 December, 2023

EUROZONE ISSUANCE

Italy, Spain, France and Finland are all still due to issue this week while Germany came to the market yesterday. We pencil in gross nominal issuance of E16.2bln, up from E14.9bln last week.

  • Italy has announced it will hold an exchange auction today. 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 tomorrow 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 tomorrow 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, also tomorrow, by holding an ORI operation with up to E300mln of the 0.125% Sep-31 RFGB (ISIN: FI4000507231) on offer.
  • Cancelled auction: Germany cancelled its 7-year Bund auction that had been scheduled for today back when it released its auction plans for Q4.
For more on this week and next week's supply see the PDF here:

EZ231206.pdf

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