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EGB Supply: W/C 4 March, 2024 (2/2)

EUROZONE ISSUANCE
  • Spain will look to hold a Bono/Obli/OBliEi auction on Thursday with the on-the-run 5-year 3.50% May-29 Bono (ISIN: ES0000012M51), the 0.50% Oct-31 Obli (ISIN: ES0000012I32), the on-the-run 10-year 3.25% Apr-34 Obli (ISIN: ES0000012M85) alongside the 2.05% Nov-39 Obli-Ei (ISIN: ES0000012M69). The auction size will be confirmed on Monday 4 March (we pencil in E5.5-6.5bln for nominals and E250-750mln for the ObliEi).
  • France will look to conclude issuance for the week on Thursday with a LT OAT auction with another E11.5-13.0bln target range (the same as in February but a step up from 2023 norms). On offer will be the on-the-run 10-year 3.50% Nov-33 OAT (ISIN: FR001400L834), the 1.25% May-34 OAT (ISIN: FR0013313582), the 1.25% May-38 OAT (ISIN: FR0014009O62) and the 3.25% May-45 OAT (ISIN: FR0011461037).

NET NOMINAL FLOWS: The week ahead sees no redemptions, and coupons of just E0.8bln (of which E0.5bln are EU-bonds). This leaves estimated net flows for the week at positive E29.4bln, versus negative E37.4bln this week.

For the full MNI EGB Issuance, Redemption and Cash Flow Matrix see the full PDF here.

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