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Treasury and SAS Issuance Calendar
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In the pipeline - Treasuries:
France: Cancels its 5 Aug OAT auction, issuance to resume in Sep
Italy: To issue new BTP Mar-21 and new CTZ Aug-12 in Q3
UK: To hold 2 more syndications: H2 Jul, IL gilt 0.625% Mar40 (tap); H2 Sep, long-dated conv. gilt or IL gilt (details c. 2wks in advance)
Finland: To hold a second syndicated auction (new 5y) most likely in Sep/Oct; H2: to arrange one or two bond auctions
Czech Rep.: Considers carrying out further EUR-denominated domestic auctions during 2010
Denmark: H2 2010, to issue a 5y EUR loan (EUR 1-2bn); opening of a new 5y (Nov 2016) & a new 10y (Nov 2021) DGBs postponed to the
beginning of 2011
Slovak Rep.: Considering issuing new syndicated 15y benchmark bond (around EUR 1.5bn) in the autumn
During the week:
UK: (w/c 2 August mini-tender) choice of gilt on 23 July
US: Announcement of 2-, 5- & 7y Notes (new) details on Thu 22 Jul
FHLB: July Global Notes auction details to be announced on Tue 20 Jul
Date Day Closing Country Issues Details BNPP forecasts
Local GMT
16/07 Fri 12:00 03:00 Japan JGBs 10y Auction for Enhanced-liquidity issue 274-305
JGBs 20y Auction for Enhanced-liquidity issue 56-83
JPY 0.3tn
Italy
Exchange Offer CCT 15 Dec 2015 (CCTeu) vs. BTPs
Sep11 & Mar12 and CCTs Mar-Nov12 & Jul13
20/07 Tue 10:00 09:00 Ireland Gilt 4.6% 18 Apr 2016
Gilt 5% 18 Oct 2020
16 Jul EUR 1-1.5bn
10:30 09:30 UK Gilt 4% 7 Sep 2016 GBP 3.75bn
12:00 16:00 Canada Repurchase of 7 Cash Mgt Bonds (Sep10 - Sep11) CAD 1bn
21/07 Wed 11:00 09:00 Germany Bund 4 Jul 2042 (new) EUR 4bn
22/07 Thu 12:00 03:00 Japan JGB 20 Jun 2030 JPY 1.1tn
26/07 Mon 12:00 10:00 Belgium OLO 19 Jul
27/07 Tue 12:00 03:00 Japan JGB 2-year 20 Jul JPY 2.6tn
10:55 08:55 Italy CTZ 22 Jul
Neths DSLs (Off-the-run facility) 21 Jul
13:00 17:00 US Notes 2-year (new) 22 Jul USD 40bn
28/07 Wed 10:55 08:55 Italy BTPeis 22 Jul EUR 1-1.5bn
10:30 09:30 Portugal OTs (To be confirmed) 22 Jul
Denmark DGB 4% 15 Nov 2010 (buy back)
12:00 16:00 Canada CAN 2-year (Repurchase/Switch) 22 Jul
13:00 17:00 US Notes 5-year (new) 22 Jul USD 38bn
29/07 Thu 10:55 08:55 Italy 3 & 10y BTPs and CCT 22 Jul
13:00 17:00 US Notes 7-year (new) 22 Jul USD 30bn
03/08 Tue 12:00 03:00 Japan JGB 10-year 27 Jul JPY 2.2tn
11:00 09:00 Austria RAGBs (Reserve date) 27 Jul
10:30 09:30 UK Gilt 2.75% 22 Jan 2015 27 Jul
04/08 Wed 12:00 16:00 Canada CAN 3-year 29 Jul
05/08 Thu 12:00 03:00 Japan JGB 40-year 29 Jul JPY 0.3tn
10:30 08:30 Spain Bono 2.5% 31 Oct 2013 2 Aug
09/08 Mon 12:00 03:00 Japan Auction for Enhanced-liquidity 2 Aug JPY 0.3tn
10/08 Tue 10:30 09:30 UK Gilt 4.5% 7 Sep 2034 3 Aug
13:00 17:00 US Notes 3-year (new) 4 Aug USD 35bn
11/08 Wed 12:00 03:00 Japan JGB 5-year 4 Aug JPY 2.4tn
11:00 09:00 Germany Schatz 14 Sep 2012 (new) EUR 7bn
10:30 09:30 Portugal OTs (To be confirmed) 5 Aug
12:00 16:00 Canada CAN 2-year 5 Aug
13:00 17:00 US Notes 10-year (new) 4 Aug USD 24bn
12/08 Thu 10:30 09:30 UK Gilt 4% 7 Mar 2022 3 Aug
13:00 17:00 US Bond 30-year (new) 4 Aug USD 16bn
13/08 Fri 10:55 08:55 Italy 5-year BTP and possibly 15- or 30-year BTP 6 Aug
16/08 Mon Slovak Rep. SLOVGB 3.5% 24 Feb 2016 (#213)
17/08 Tue 10:00 09:00 Ireland Gilts 10 Aug EUR 1-1.5bn
Denmark DGB 12 Aug
18/08 Wed 11:00 09:00 Germany Bund 4 Sep 2020 (new) EUR 6bn
11:00 09:00 Sweden T-bonds 11 Aug SEK 2.5bn
12:00 16:00 Canada CAN 5-year 12 Aug
19/08 Thu 12:00 03:00 Japan Auction for Enhanced-liquidity 12 Aug JPY 0.3tn
10:30 09:30 UK Index-Linked Gilt 1.25% 22 Nov 2027 10 Aug GBP 1bn
Sources: Treasuries, BNP Paribas
Interest Rate Strategy 16 July 2010
Market Mover, Non-Objective Research Section
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