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EGB Supply W/C Jan 16, 2022 (2/2)

  • Germany will return to the market on Wednesday to hold the first of its dual-line 30-year Bund auctions. On offer will be E1.0bln of the 0% Aug-50 Bund (ISIN: DE0001102481) and E1.5bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
  • Spain will come to the market on Thursday with the following Oblis on offer: the 0% Jan-28 Obli (ISIN: ES0000012I08), the 0.50% Apr-30 Obli (ISIN: ES0000012F76) and the 4.90% Jul-40 Obli (ISIN: ES00000120N0). The auction size will be confirmed on Monday.
  • Also Thursday, France will look to sell E9-10bln of MT OATs. On offer will be last year’s 3-year 0% Feb-25 OAT (ISIN: FR0014007TY9), the 5-year 0.75% Feb-28 OAT (ISIN: FR001400AIN5) and the off-the-run 0.50% May-29 OAT (ISIN: FR0013407236).
  • France will then conclude issuance for the week with its linker auction with a combined E1.25-1.75bln on offer of the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-36 OATei (ISIN: FR0013327491) and the 0.10% Mar-32 OATi (ISIN: FR0014003N51).
NET NOMINAL FLOWS: The upcoming week sees the first redemptions of 2023 with a total of E31.9bln due. E15.2bln of this is a formerly 3-year BTP, E12.5bln is Dutch (E4.3bln of a formerly 15y DSL and E8.2bln of a formerly 30-year DSL), E4.0bln of an originally 8-year EFSF bond and E0.2bln of a Cypriot bond. In addition there will be coupon payments of E4.7bln due (of which E4.0bln are Portuguese). With gross nominal issuance of E30.5bln we look for net flows of negative -E6.1bln in the week ahead, down from this week’s positive E51.4bln of net issuance.

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