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EGB Supply - W/C October 17, 2022


Spain, France and Latvia are all likely to issue bonds today. The ESM, Slovakia, Germany, Finland and Lithuania have already come to the market this week. We look for estimated gross nominal issuance of E26.2bln from announced operations, down from this week’s E37.8bln.

  • Latvia has released a mandate to launch a new long 4-year Mar-27 GMTN in the “near future”. We expect the transaction today.
  • Spain will come to the market this morning to issue E4.5-5.5bln combined of the on-the-run 3-year 0% May-25 Bono (ISIN: ES0000012K38), the 4-year 1.95% Apr-26 Obli (ISIN: ES00000127Z9) and the on-the-run 7-year 0.80% Jul-29 Obli (ISIN: ES0000012K53).
  • France will then look to sell E9-10bln of MT OATs: the 0% Feb-25 OAT (ISIN: FR0014007TY9), the 0.50% May-26 OAT (ISIN: FR0013131877) and the 0.75% Feb-28 OAT (ISIN: FR001400AIN5).
  • France will then conclude the week's issuance by selling E1.0-1.5bln of linkers. On offer will be the 0.10% Mar-36 OATi (ISIN: FR0013524014), the 0.10% Jul-36 OATei (ISIN: FR0013327491) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).
For more on this week's issuance see the PDF here:


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