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EGB Supply W/C May 1, 2023

EUROZONE ISSUANCE

Germany, Spain and France look to issue this week. We pencil in gross nominal issuance of E21.4bln from announced operations, down from E38.8bln last week.

  • Germany will kick off May auctions this morning with E500mln of the 0.10% Apr-33 ILB (ISIN: DE0001030583) on offer.
  • Germany will return to the market tomorrow with E3bln of the 2.10% Nov-29 Bund (ISIN: DE0001102622) on offer.
  • On Thursday, Spain will come to the market for a Bono/Olbi/ObliEi auction. E5.0-6.0bln of nominals will be on offer: the on-the-run 3-year 2.80% May-26 Bono (ISIN: ES0000012L29), the on-the-run 5-year 0% Jan-28 Obli (ISIN: ES0000012I08) and the off-the-run 1.20% Oct-40 Obli (ISIN: ES0000012G42). E250-750mln of the 0.65% Nov-27 Obli-Ei (ISIN: ES00000128S2) will also be on offer.
  • Also Thursday, France will hold a LT OATs auction for E10.0-11.5bln with 10/30/50-year OATs on offer alongside the 15-year Green OAT: the 3.00% May-33 OAT (ISIN: FR001400H7V7), the 3.00% May-54 OAT (ISIN: FR001400FTH3), the 0.50% May-72 OAT (ISIN: FR0014001NN8) and the 1.75% Jun-39 Green OAT (ISIN: FR0013234333).

NET NOMINAL FLOWS: This week sees redemptions totalling E39.2bln (notably E21.8bln from a formerly 3-year Spanish Bono and E17.1bln from a formerly 7-year Italian BTP. Coupons for the week total E8.0bln, of which E4.0bln are Italian and E3.5bln are Austrian. With estimated gross nominal issuance of E21.4bln in the week, we look for net flows of negative E25.8bln in the week versus positive E15.3bln this week.

For more see the full PDF including a recap of last week's issuance operations and a look ahead to issuance in two weeks time see the PDF here.

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