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EUROZONE ISSUANCE: EGB Supply - W/C 16 September, 2024 (1/2)

EUROZONE ISSUANCE

Slovakia, Finland, Greece, Germany, Spain and France look to hold auctions in the upcoming week. We pencil in estimated gross issuance for the week at E24.3bln, down from E34.6bln this week.

  • Slovakia will kick off issuance on Monday with its first SlovGB auction since the summer break. On offer are the 3.00% Feb-26 SlovGB (ISIN: SK4000024675), the 3.00% Feb-28 SlovGB (ISIN: SK4000024683), the 3.625% Jun-33 SlovGB (ISIN: SK4000023230) and the 3.75% Feb-35 SlovGB (ISIN: SK4000022539).
  • Finland will come to the market on Tuesday to hold an RFGB auction to sell up to a combined E1.5bln of off-the-run 5/10-year RFGBs: the 0.50% Sep-29 RFGB (ISIN: FI4000369467) and the 1.125% Apr-34 RFGB (ISIN: FI4000306758).
  • Greece on Wednesday will hold a GGB auction. Details will likely be announced the preceding day.
  • Germany, also on Wednesday, will hold a 30-year Bund auction. On offer will be E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) alongside E1bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
  • Spain will look to hold a Bono / Obli auction on Thursday. As expected, we will see the first reopening of 3.10% Jul-31 Obli (ISIN: ES0000012N43) that was launched in July. Alongside this the the 5.15% Oct-28 Obli (ISIN: ES00000124C5) and the 3.45% Jul-43 Obli (ISIN: ES0000012K95) will be on offer. The auction size will be announced on Monday.
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Slovakia, Finland, Greece, Germany, Spain and France look to hold auctions in the upcoming week. We pencil in estimated gross issuance for the week at E24.3bln, down from E34.6bln this week.

  • Slovakia will kick off issuance on Monday with its first SlovGB auction since the summer break. On offer are the 3.00% Feb-26 SlovGB (ISIN: SK4000024675), the 3.00% Feb-28 SlovGB (ISIN: SK4000024683), the 3.625% Jun-33 SlovGB (ISIN: SK4000023230) and the 3.75% Feb-35 SlovGB (ISIN: SK4000022539).
  • Finland will come to the market on Tuesday to hold an RFGB auction to sell up to a combined E1.5bln of off-the-run 5/10-year RFGBs: the 0.50% Sep-29 RFGB (ISIN: FI4000369467) and the 1.125% Apr-34 RFGB (ISIN: FI4000306758).
  • Greece on Wednesday will hold a GGB auction. Details will likely be announced the preceding day.
  • Germany, also on Wednesday, will hold a 30-year Bund auction. On offer will be E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) alongside E1bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
  • Spain will look to hold a Bono / Obli auction on Thursday. As expected, we will see the first reopening of 3.10% Jul-31 Obli (ISIN: ES0000012N43) that was launched in July. Alongside this the the 5.15% Oct-28 Obli (ISIN: ES00000124C5) and the 3.45% Jul-43 Obli (ISIN: ES0000012K95) will be on offer. The auction size will be announced on Monday.