EUROZONE ISSUANCE: EGB Supply
Aug-17 05:51
France and Finland both look to issue today while Germany has already come to the market this week. We pencil in gross nominal issuance of E17.9bln compared to E10.5bln last week.
- This morning will see France hold a MT OAT auction, where it will look to sell E7.5-8.5bln across the following OATs: The 3Y 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 6Y 2.75% Feb-29 OAT (ISIN: FR001400HI98) and the 8Y 1.50% May-31 OAT (ISIN: FR0012993103) which was last on offer in September 2022.
- France will return to the market later this morning to hold an IL OAT auction, where it will look to sell E0.5-1.0bln across the following OATei’s: The 1.85% Jul-27 OATei (ISIN: FR0011008705) and the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0).
- Finland will conclude issuance for the week by holding an ORI operation with a combined total of up to E400mln of the 1.125% Apr-34 RFGB (ISIN: FI4000306758) and the 0.125% Apr-52 RFGB (ISIN: FI4000480488) on offer.
- Note that Spain has announced that it will not be holding its auction originally scheduled for today.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:
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EUROZONE ISSUANCE: EGB Supply
Jul-18 05:51
Germany, Greece, Spain and France all look to issue this week. We pencil in gross nominal issuance of E29.0bln, down a little from E31.1bln last week.
- Germany will kick off issuance for the week this morning with E6bln of the new 3.10% Sep-25 Schatz (ISIN: DE000BU22023) on offer.
- Greece will look to hold a GGB auction tomorrow with the bond on offer to be announced this afternoon. At auction this year Greece has sold benchmark 10/15/20-year GGBs so far.
- Also tomorrow, Germany will return to the market to hold a 30-year Bund auction. E1bln of the 0% Aug-52 Bund (ISIN: DE0001102572) will be on offer alongside E1.5bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:
EUROZONE T-BILL ISSUANCE: W/C July 17, 2023
Jul-18 05:41
The ESM, Portugal and the EU are all due to sell bills this week while Germany, the Netherlands and France all came to the market yesterday. We expect issuance to be E15.3bln in the week, down from E23.8bln last week.
- Today, the ESM will look to sell up to E1.1bln of the new 6-month Jan 25, 2024 bills
- Tomorrow, Portugal will look to sell E1.00-1.25bln of the 6-month Jan 19, 2024 BT and the new 12-month Jul 19, 2024 BT.
- Also tomorrow, the EU will look to sell up to E1bln of each of the 3-month Oct 6, 2023 EU-bill and the 6-month Jan 12, 2024 EU-bill.
LOOK AHEAD: UK Timeline of Key Events (Times BST)
Jul-18 05:23
| Date | UK | Period | Event |
| 19-Jul | 0700 | Jun | Consumer inflation report / Producer prices |
| 19-Jul | 0930 | May | ONS House Price Index |
| 19-Jul | 1700 | --- | BoE Ramsden speech on QT - Money Macro & Fin. Society |
| 21-Jul | 0001 | Jul | Gfk Monthly Consumer Confidence |
| 21-Jul | 0700 | Jun | Public Sector Finances / Retail sales |
| 24-Jul | 0930 | Jul | S&P Global Manuf./Services/Composite PMI flash |
| 25-Jul | 1100 | Jul | CBI Industrial Trends |
| 27-Jul | 1100 | Jul | CBI Distributive Trades |
| 31-Jul | 0930 | Jun | BOE M4 / BOE Lending to Individuals |
| 01-Aug | 0001 | Jul | BRC Monthly Shop Price Index |
| 03-Aug | --- | Jul | BOE DMP Survey |
| 03-Aug | 1200 | Aug | Bank Of England Interest Rate |
| 04-Aug | 0930 | Jul | IHS Markit/CIPS Construction PMI |
| 08-Aug | 0001 | Jul | BRC-KPMG Shop Sales Monitor |
| 11-Aug | 0700 | Jun | GDP / Services / Production / Trade / Construction |
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