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EUROZONE ISSUANCE: EGB Supply

EUROZONE ISSUANCE

Germany, Spain, and France look to hold auctions this week. We pencil in estimated gross issuance for the week at E25.9bln, down from E38.6bln last week.

  • Germany will kick off issuance this morning with E4bln of the 2.50% Oct-29 Bobl (ISIN: DE000BU25034) on offer.
  • Germany will return to the market tomorrow to sell E4.5bln of the 10-year 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • Spain on Thursday will hold a Bono/Obli/ObliEi auction. On offer will be E4-5bln nominals: the on-the-run 3-year 2.50% May-27 Bono (ISIN: ES0000012M77), the 1.45% Apr-29 Obli (ISIN: ES0000012E51), the 4.70% Jul-41 Obli (ISIN: ES00000121S7). Alongside this will be E250-750mln of the 2.05% Nov-39 Obli-Ei (ISIN: ES0000012M69).
  • Also on Thursday France will hold a LT OAT auction to sell a combined E10-12bln. On offer will be the 1.25% May-34 OAT (ISIN: FR0013313582), the 3.00% Nov-34 OAT (ISIN: FR001400QMF9), the 3.25% May-55 OAT (ISIN: FR001400OHF4) and the 3.00% Jun-49 Green OAT (ISIN: FR001400NEF3).

For more on this week's issuance and a look ahead to next week see the PDF here: EZ241001.pdf

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Germany, Spain, and France look to hold auctions this week. We pencil in estimated gross issuance for the week at E25.9bln, down from E38.6bln last week.

  • Germany will kick off issuance this morning with E4bln of the 2.50% Oct-29 Bobl (ISIN: DE000BU25034) on offer.
  • Germany will return to the market tomorrow to sell E4.5bln of the 10-year 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • Spain on Thursday will hold a Bono/Obli/ObliEi auction. On offer will be E4-5bln nominals: the on-the-run 3-year 2.50% May-27 Bono (ISIN: ES0000012M77), the 1.45% Apr-29 Obli (ISIN: ES0000012E51), the 4.70% Jul-41 Obli (ISIN: ES00000121S7). Alongside this will be E250-750mln of the 2.05% Nov-39 Obli-Ei (ISIN: ES0000012M69).
  • Also on Thursday France will hold a LT OAT auction to sell a combined E10-12bln. On offer will be the 1.25% May-34 OAT (ISIN: FR0013313582), the 3.00% Nov-34 OAT (ISIN: FR001400QMF9), the 3.25% May-55 OAT (ISIN: FR001400OHF4) and the 3.00% Jun-49 Green OAT (ISIN: FR001400NEF3).

For more on this week's issuance and a look ahead to next week see the PDF here: EZ241001.pdf