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EGB Supply for W/C Feb 15: Upcoming

EUROZONE ISSUANCE

Germany, Spain and France are all still scheduled to hold auctions this week. We estimate nominal issuance of E33.5bln from announced issuance operations.

  • Today will see Germany come to the market to sell E1.5bln of the 1.25% Aug-48 Bund.
  • Tomorrow, Spain looks to sell Bonos/Oblis with the amount to be confirmed on Monday. On offer will be: the 0% May-24 Bono, the 0.80% Jul-27 Obli, the 0.10% Apr-30 Obli and the off-the-run 4.90% Jul-40 Obli.
  • France will then look to sell E9.5-10.5bln of MT OATs: the 0% Feb-24 OAT, the 0% Feb-26 OAT and the off-the-run 0.50% May-29 OAT.
  • France will also sell linkers on Thursday with E1.25-1.75bln on offer. The 0.10% Mar-26 OATei, the 0.10% Mar-36 OATi and the 0.10% Jul-47 OATei will all be available.
  • NET FLOWS: There are no redemptions due this week and coupons total E3.1bln (of which E1.3bln from Germany and E1.2bln from Portugal). With gross nominal issuance of E33.5bln from auctions, we look for nominal net flows of E30.4bln this week (up from E23.4bln last week).
  • For a longer-term calendar of bond issuance, see the MNI Eurozone/UK Bond Issuance calendar.
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