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EGB Supply - W/C February 13, 2023 (2/2)

EUROZONE ISSUANCE
  • On Wednesday, Germany will hold a 30-year Bund auction with E1.0bln of the 1.25% Aug-48 Bund (ISIN: DE0001102432) and E1.5bln of the 0% Aug-52 Bund (ISIN: DE0001102572) on offer.
  • Spain will come to the market on Thursday to sell the on-the-run 7-year Obli as well as off-the-run 4/9-year Oblis: the 0.80% Jul-27 Obli (ISIN: ES0000012G26), the 0.80% Jul-29 Obli (ISIN: ES0000012K53) and the 2.55% Oct-32 Obli (ISIN: ES0000012K61). The auction size will be announced on Monday.
  • France will then look to launch its new 3-year OAT as part of its MT OAT auction. A combined E10.0-11.5bln of the new 2.50% Sep-26 OAT, the 0.75% Feb-28 OAT (ISIN: FR001400AIN5) and the 2.50% May-30 OAT (ISIN: FR0011883966) will be on offer.
  • France will return to the market later on Thursday to sell E1.25-1.75bln of linkers. On offer will be the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Mar-32 OATi (ISIN: FR0014003N51) and the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0).

NET NOMINAL FLOWS: This week sees just one redemption, a formerly 10-year Bund for E20.5bln. Coupons total E2.7bln of which E1.3bln are German and E0.9bln Portuguese. With potential gross nominal issuance of up to E46.3bln this week, we look for net flows of positive E23.1bln this week, up from last week’s positive E15.3bln.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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