Free Trial

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

EUROZONE ISSUANCE
  • 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 this afternoon.
  • 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: This 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 this week, down from last week’s positive E51.4bln of net issuance.

For more see the PDF here.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.