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Slovakia, Germany, Finland, Spain and France are all due to hold auctions next week. We look for E24.3bln gross nominal issuance, down from E39.2bln this week.
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- Slovakia, Germany, Finland, Spain and France are all due to hold auctions next week. We look for E24.3bln gross nominal issuance, down from E39.2bln this week.
- There could also be potential syndications from Belgium, Austria, Greece and France.
- The week ahead sees E19.9bln of redemptions: E15.4bln of a 10-year DSL and E4.5bln of a 3-year ESM bond. There are also E4.7bln of coupon payments (of which E3.9bln are Portuguese).
- With gross nominal issuance of E24.3bln, that leaves net flows for the week almost flat at negative E0.3bln (from positive E40.2bln this week).
Week Ahead Supply:
- Slovakia will kick off issuance on Monday morning with 3/10/15/25-year SlovGBs on offer: 0% Jun-24 SlovGB, 1.00% May-32 SlovGB, 0.375% Apr-36 SlovGB and 2.00% Oct-47 SlovGB. E100mln of each will be available.
- On Tuesday, Germany will look to launch the new 0% Apr-27 Bobl for E4bln.
- Also Tuesday, Finland looks to sell E1.0bln of its 5-year 0% Sep-26 RFGB.
- On Wednesday, Germany will return to the market, looking to sell E1.5bln of the 15-year 0% May-36 Bund.
- Thursday will see Spain kick off issuance with the 5-year 0% Jan-27 Bono on offer alongside off-the-run Olblis: the 8-year 0.50% Apr-30 Obli and the 18-year 1.20% Oct-40 Obli.
- France will then look to sell E9.5-10.5bln of MT OATs: the new 3-year 0% Feb-25, the 5-year 0% Feb-27 and the off-the-run 7-year 0.75% Nov-28
- France will then return to the market to sell E1.25-1.75bln of linkers: the 0.10% Mar-26 OATei, the 0.10% Jul-31 OATei and the 0.10% Mar-32 OATi.