EGB Supply - W/C January 16, 2023

Spain and France are both still due to hold auctions today (in addition to Slovakia, Germany and Finland who have already this week) while Greece held a syndication on Tuesday. We look for gross nominal issuance at first round operations of E30.0bln for these deals, down from E51.5bln last week.

• Spain will come to the market this morning 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). E4.5-5.5bln will be on offer.
• Also this morning, 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 later today 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).

EZ230119.pdf