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Eurozone Bond Supply for This Week is Estimated at E12.5BN

EUROZONE ISSUANCE

Germany and France will issue EGBs this week. We estimate supply of E12.5bn vs E12.1bn last week.

  • RECAP: Germany issued E4bn of the 0% Nov-27 Bund on Tuesday, allotting E3.25bn and followed this up on Wednesday with E1.25bn of the 0% Aug-50 Bund, with E1.25bn allotted.
  • ISSUANCE: France will conclude issuance for the week today with a sale of the 1.75% Nov-24 OAT, 0.0% Mar-25 OAT and 1.00% May-27 OAT for E5.5-7.0bn, followed by a tap of the 0.10% Mar-28 OATi, 3.15% Jul-32 OATEi and 0.10% Jul-36 OATEi for E0.5-1.0bn.
  • CASH FLOWS: There are no redemptions this week, but E2.3bn in coupon payments will leave net cash flows at E10.2bn for the week.
  • ** For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix: https://emedia.marketnews.com/cfm170820kjfd.pdf

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