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EGB Supply - W/C January 30, 2023

EUROZONE ISSUANCE

Spain, France and Belgium are all still due to come to the market this week while the EU, Italy and Germany have already sold bonds. We look for gross nominal issuance at first round operations of E43.3bln for these deals, up from last week’s E32.0bln.

  • This morning, Spain will look to sell Bonos / Olbi / ObliEi with E5-6bln of nominals and E250-750mln of ObliEi. On offer will be the on-the-run 3-year 2.80% May-26 Bono (ISIN: ES0000012L29) that was launched in January’s auction, the off-the-run 1.40% Apr-28 Obli (ISIN: ES0000012B39) and the on-the-run 20-year 3.45% Jul-43 Obli (ISIN: ES0000012K95). Also on offer will be the 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8).
  • Also this morning, France will look to sell E10.0-11.5bln of LT / Green OATs. On offer will be the 9-year 0% Nov-31 OAT (ISIN: FR0014002WK3), the on-the-run 10-year 2.00% Nov-32 OAT (ISIN: FR001400BKZ3) and the 0.50% Jun-44 Green OAT (ISIN: FR0014002JM6).
  • Belgium will conclude issuance for the week tomorrow with the ORI Facility with details to be announced this afternoon at 16:00GMT / 17:00CET. ORI operations have historically seen off-the-run OLOs offered for up to E500mln (with generally two but sometimes one OLO on offer). However, the December ORI operation broke that convention by having a larger operation size of E750mln.
For more on this week's issuance see the PDF here:

EZ230202.pdf

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