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EGB Supply W/C Mar 13, 2023 (2/2)

EUROZONE ISSUANCE
  • On Thursday, Spain will look to sell the 0% Jan-28 Obli (ISIN: ES0000012I08), the 3.15% Apr-33 Obli (ISIN: ES0000012L52) and the 1.90% Oct-52 Obli (ISIN: ES0000012K46). The auction size will be announced this afternoon.
  • France will then look to sell E10.5-12.0bln of MT OATs. On offer will be the 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 0.75% Feb-28 OAT (ISIN: FR001400AIN5) and the 0% Nov-30 OAT (ISIN: FR0013516549).
  • France will conclude bond issuance for the week later on Thursday with E1.0-1.5bln of I/L OATs on offer: the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-53 OATei (ISIN: FR0014008181) and the 0.10% Mar-36 OATi (ISIN: FR0013524014).

NET NOMINAL FLOWS: The upcoming week sees a E15.0bln redemption of a formerly 7-year BTP and coupon payments of E4.6bln (of which E2.7bln are Italian and E1.1bln Belgian). With estimated gross nominal issuance of E37.8bln this week, we look for net flows of positive E18.1bln in the week ahead, compared to last week’s negative E0.4bln.

For more on this week's issuance, including a recap of this week's supply see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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