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EUROZONE ISSUANCE: EGB Supply - W/C 14 October (2/2)

EUROZONE ISSUANCE
EurozoneBulletGlobalFixed Income BulletsRegionMarkets
  • On Thursday, Spain will look to hold an auction to sell the on-the-run 7-year 3.10% Jul-31 Obli (ISIN: ES0000012N43), the on-the-run 10-year 3.45% Oct-34 Obli (ISIN: ES0000012N35), and the 2.70% Oct-48 Obli (ISIN: ES0000012B47). The size of the auction will be confirmed on Monday. We think there is scope for a slightly larger auction than that seen at the beginning of the month when a E4-5bln range was sold. We look for a return to either a E5-6bln range or a E4.5-5.5bln range.
  • Also on Thursday, France will look to hold a MT OAT auction to sell a combined E10-12bln of the on-the-run 2.50% Sep-27 OAT (ISIN: FR001400NBC6), the 0.75% May-28 OAT (ISIN: FR0013286192), the 2.75% Feb-29 OAT (ISIN: FR001400HI98) and the on-the-run 2.75% Feb-30 OAT (ISIN: FR001400PM68).
  • France will return to the market later on Thursday to hold an IL OATs auction to sell a combined E1.75-2.50bln of the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.60% Jul-34 OATei (ISIN: FR001400JI88), the 1.80% Jul-40 OATei (ISIN: FR0010447367) and the 0.10% Mar-36 OATi (ISIN: FR0013524014).
  • We pencil in a Slovakian syndication for the upcoming week. We think that the 5/7/15/30-year areas maturity looks most attractive.

For a recap of this week's issuance and a look ahead to the next two weeks of issuance, see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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  • On Thursday, Spain will look to hold an auction to sell the on-the-run 7-year 3.10% Jul-31 Obli (ISIN: ES0000012N43), the on-the-run 10-year 3.45% Oct-34 Obli (ISIN: ES0000012N35), and the 2.70% Oct-48 Obli (ISIN: ES0000012B47). The size of the auction will be confirmed on Monday. We think there is scope for a slightly larger auction than that seen at the beginning of the month when a E4-5bln range was sold. We look for a return to either a E5-6bln range or a E4.5-5.5bln range.
  • Also on Thursday, France will look to hold a MT OAT auction to sell a combined E10-12bln of the on-the-run 2.50% Sep-27 OAT (ISIN: FR001400NBC6), the 0.75% May-28 OAT (ISIN: FR0013286192), the 2.75% Feb-29 OAT (ISIN: FR001400HI98) and the on-the-run 2.75% Feb-30 OAT (ISIN: FR001400PM68).
  • France will return to the market later on Thursday to hold an IL OATs auction to sell a combined E1.75-2.50bln of the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.60% Jul-34 OATei (ISIN: FR001400JI88), the 1.80% Jul-40 OATei (ISIN: FR0010447367) and the 0.10% Mar-36 OATi (ISIN: FR0013524014).
  • We pencil in a Slovakian syndication for the upcoming week. We think that the 5/7/15/30-year areas maturity looks most attractive.

For a recap of this week's issuance and a look ahead to the next two weeks of issuance, see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.