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EGB Supply - W/C Nov 13, 2023 (2/2)

EUROZONE ISSUANCE
  • On Thursday, Spain will look to hold a Bono/Olbi auction with on-the-run 3/10/20-year issues on offer: the 3-year 2.80% May-26 Bono (ISIN: ES0000012L29), the 10-year 3.55% Oct-33 Obli (ISIN: ES0000012L78) and the 20-year 3.45% Jul-43 Obli (ISIN: ES0000012K95). The auction size will be confirmed on Monday.
  • Also on Thursday, France will hold its final MT auction of 2023 with a E9-10bln auction size. Both the on-the-run 3-year 2.50% Sep-26 OAT (ISIN: FR001400FYQ4) and the on-the-run 5-year 2.75% Feb-29 OAT (ISIN: FR001400HI98) are on offer alongside the 0.75% Feb-28 OAT (ISIN: FR001400AIN5).
  • Finally on Thursday, France will return to the market to hold its final IL OAT auction of 2023. On offer will be a combined E1.25-1.75bln of the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-36 OATei (ISIN: FR0013327491) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).

NET NOMINAL FLOWS: The week ahead sees redemptions of E1.6bln – E1.4bln of which are from a formerly 7-year SlovGB. Coupon payments for the week total E2.5bln, of which E1.8bln are Italian and E0.5bln German. This leaves net flows for the week an estimated positive E27.4bln, up from positive E10.8bln this week.

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