EUROZONE ISSUANCE: EGB Supply: W/C 30 June (1/2)

Germany, Spain and France look to hold conventional auctions in the upcoming week, while Belgium is scheduled to hold an ORI auction. We pencil in estimated gross issuance for the week of E25.0bln, down from E31.0bln this week.

For the full MNI EGB Issuance, Redemption and Cash Flow Matrix with a look ahead to the next two weeks of issuance, an update on Q3 issuance plans and a recap of this week, click here.

• Germany will kick off issuance for the quarter on Wednesday with a E6bln auction to launch the new 10-year Aug-35 Bund ISIN (DE000BU2Z056). Note that the size of this auction was increased by E1bln from E5bln in the Q3 calendar update. The E6bln auction size is the largest for a non-Schatz German auction since 2011 (and the largest of any German auction since September 2023). This is also the only E6bln German auction scheduled for Q3. The coupon will be announced the preceding day.
• Spain will come to the market on Thursday to hold a Bono/Obli/ObliEi auction. On offer will be the on-the-run 3-year 2.40% May-28 Bono (ISIN: ES0000012O59), the off-the-run 10-year 3.15% Apr-35 Obli (ISIN: ES0000012O67) alongside the on-the-run 15-year 3.50% Jan-41 Obli (ISIN: ES0000012O75) that will be reopened for the first time since its syndicated launch in February. The 1.15% Nov-36 Obli-Ei (ISIN: ES0000012O18) will also be on offer. The auction size will be confirmed on Monday.