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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 2 Dec

Germany, Spain, and France look to hold auctions to conclude their 2024 issuance in the upcoming week
HomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneMarketsStory
MNI (LONDON)
  • Germany, Spain, and France look to hold auctions to conclude their 2024 issuance in the upcoming week.
  • We pencil in estimated gross issuance for the week at E17.0bln, down from E24.4bln this week.
  • The upcoming week sees E36.2bln of redemptions: E18.6bln from a formerly 10-year BTP, E16.6bln from a formerly 10-year ObliEi, E1.0bln from a formerly 5-year Cypriot EUR-denominated Eurobond and E0.2bln from a formerly 30-year Belgian USD denominated eurobond.
  • Coupon payments for the week total E7.8bln, of which E3.0bln are Spanish, E2.4bln are Italian and E2.4bln are from the EU.
  • This leaves estimated net flows for the week at negative E27.2bln, versusfrom negative E17.3bln this week.

For more see the full including an overview of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks, see the PDF here: EZ241202.pdf

Supply Next Week

  • On Tuesday, Germany will sell E4.5bln of the 2.00% Dec-26 Schatz (ISIN: DE000BU22072).
  • On Wednesday, Germany will return to the market to issue E3.5bln of the 10-year 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • On Thursday, Spain will hold a Bono/Obli auction. On offer will be the on-the-run 5-year Bono and 10-year Obli: the 2.70% Jan-30 Bono (ISIN: ES0000012O00) and the 3.45% Oct-34 Obli (ISIN: ES0000012N35). The auction size will be announced Monday.
  • Finally on Thursday, France will hold its final auction of the year with only LT OATs on offer this year (it could have sold MT OATs or linkers but chose not to). All of the OATs on offer (other than the 50-year) are off-the-run issues. The auction size will be between E3-5bln – broadly in line with recent December auctions, but we had thought there might have been more sold. On offer will be the 4.00% Oct-38 OAT (ISIN: FR0010371401), the 0.50% May-40 OAT (ISIN: FR0013515806), the 1.50% May-50 OAT (ISIN: FR0013404969) and the 0.50% May-72 OAT (ISIN: FR0014001NN8).
  • Belgium has books open (25 Nov – 3 Dec) for a retail-only Bons d’Etat. On offer will be a 1 -year 2.20% Dec-25 issue and an 8-year 2.80% Dec-32 issue.

 

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MNI (LONDON)
  • Germany, Spain, and France look to hold auctions to conclude their 2024 issuance in the upcoming week.
  • We pencil in estimated gross issuance for the week at E17.0bln, down from E24.4bln this week.
  • The upcoming week sees E36.2bln of redemptions: E18.6bln from a formerly 10-year BTP, E16.6bln from a formerly 10-year ObliEi, E1.0bln from a formerly 5-year Cypriot EUR-denominated Eurobond and E0.2bln from a formerly 30-year Belgian USD denominated eurobond.
  • Coupon payments for the week total E7.8bln, of which E3.0bln are Spanish, E2.4bln are Italian and E2.4bln are from the EU.
  • This leaves estimated net flows for the week at negative E27.2bln, versusfrom negative E17.3bln this week.

For more see the full including an overview of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks, see the PDF here: EZ241202.pdf

Supply Next Week

  • On Tuesday, Germany will sell E4.5bln of the 2.00% Dec-26 Schatz (ISIN: DE000BU22072).
  • On Wednesday, Germany will return to the market to issue E3.5bln of the 10-year 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • On Thursday, Spain will hold a Bono/Obli auction. On offer will be the on-the-run 5-year Bono and 10-year Obli: the 2.70% Jan-30 Bono (ISIN: ES0000012O00) and the 3.45% Oct-34 Obli (ISIN: ES0000012N35). The auction size will be announced Monday.
  • Finally on Thursday, France will hold its final auction of the year with only LT OATs on offer this year (it could have sold MT OATs or linkers but chose not to). All of the OATs on offer (other than the 50-year) are off-the-run issues. The auction size will be between E3-5bln – broadly in line with recent December auctions, but we had thought there might have been more sold. On offer will be the 4.00% Oct-38 OAT (ISIN: FR0010371401), the 0.50% May-40 OAT (ISIN: FR0013515806), the 1.50% May-50 OAT (ISIN: FR0013404969) and the 0.50% May-72 OAT (ISIN: FR0014001NN8).
  • Belgium has books open (25 Nov – 3 Dec) for a retail-only Bons d’Etat. On offer will be a 1 -year 2.20% Dec-25 issue and an 8-year 2.80% Dec-32 issue.