Market Mover - BNP PARIBAS - Investment Services India

Treasury and SAS Issuance Calendar
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In the pipeline - Treasuries:
Spain: To issue a new syndicated 15y Obligacion in Feb (exact date to be confirmed)
France: To consider a dollar-denominated bond issue in 2010
Germany: Reserves the right to issue foreign currency bonds, as market conditions allow
Greece: Plans to issue a 10y bond via a syndicated deal (EUR 3-5bn) (not to be held before the end of February at the earliest)
Poland: Plans to sell at least USD 1bn of dollar-denominated bonds (maturity shorter than 10y) in Q1
UK: Gilt 4% Jan 2060 to be tapped (syndication) in the period 17-25 February
Finland: To issue new 5y & 10y RFGBs and to tap 4 to 5 auctions with possibly 2-3 in H1 (details announced a week prior to auctions).
Neths: To issue a new 30y DSL (DDA, before the summer) - No plans for inflation-linked bonds - May issue a dollar-denominated bond (in '10)
Czech Rep.: Issue in euros possible and a dollar-denominated bond is under consideration
Denmark: To issue a EUR 5y loan (EUR 1-2bn) in H1 '10 - To open new 5y & 10y DGBs H2 '10 - To launch a T-bill programme on 25 Feb
Slovak Rep.: Plans an up to EUR 1.5bn syndicated 10y before the end of Q1
During the week:
UK: Index-Linked Gilt 0.75% Nov 2047 (mini tender)
FHLB: February Global Notes auction details to be announced on Wed 17 Feb
Date Day Closing Country Issues Details BNPP forecasts
Local GMT
12/02 Fri 12:00 03:00 Japan Bonds (buyback)
10:55 09:55 Italy BTP 3% Apr 2015 EUR 2.5-3.5bn
BTP 3.75% Aug 2021
EUR 1-2bn
BTP 5% Mar 2025
EUR 2-2.5bn
16/02 Tue 12:00 03:00 Japan JGB Dec 2014 JPY 2.4tn
10:00 10:00 Ireland Gilt 4% Jan 2014
Gilt 4.5% Apr 2020
12 Feb EUR 1-1.5bn
Denmark DGB 4% Nov 2019 DKK 5bn
12:00 17:00 Canada Repurchase of 8 Cash Mgt Bonds (Jun-10-Jun-11) CAD 1bn
17/02 Wed 11:00 10:00 Germany Schatz Mar 2012 (new) EUR 7bn
10:30 10:30 Portugal OT 3.2% Apr 2011 (reverse auction) EUR 0.5bn
12:00 17:00 Canada CAN 30-year 11 Feb
18/02 Thu 10:30 09:30 Spain Obligacion 4.2% Jan 2037 15 Feb EUR 2-3bn
10:50 09:50 France BTANs 2- &/or 5-year 12 Feb EUR 7-9bn
11:50 10:50 France OATis , OATeis, BTANeis 12 Feb
11:00 10:00 Sweden ILB 3.5% Dec 2015 (# 3105) SEK 0.5bn
19/02 Fri 12:00 03:00 Japan Auction for enhanced liquidity 12 Feb JPY 0.6tn
22/02 Mon 12:00 11:00 Belgium OLO 15 Feb
Slovak Rep. SLOVGB 3.5% Feb 2016 (#213) (new) EUR 0.3-0.5bn
13:00 18:00 US TIPS 30-year (new) 18 Feb USD 12bn
23/02 Tue 12:00 03:00 Japan JGB 20-year 16 Feb JPY 1.1tn
10:55 09:55 Italy CTZ 18 Feb
Neths DSLs (off-the-run facility) 17 Feb EUR 1bn
13:00 18:00 US Notes 2-year (new) 18 Feb USD 44bn
24/02 Wed 10:55 09:55 Italy BTPeis 18 Feb
11:00 10:00 Sweden T-bonds 17 Feb
10:30 10:30 Portugal OTs (to be confirmed) 18 Feb
10:30 10:30 UK Gilt 3.75% Sep 2019 16 Feb
Denmark DGB 4% Nov 2010 (buyback)
12:00 17:00 Canada CANi 30-year 18 Feb
13:00 18:00 US Notes 5-year (new) 18 Feb USD 42bn
25/02 Thu 12:00 03:00 Japan JGB 2-year 18 Feb JPY 2.6tn
10:55 09:55 Italy 3 & 10y BTPs and CCT 18 Feb EUR 7-9bn
13:00 18:00 US Notes 7-year (new) 18 Feb USD 32bn
02/03 Tue 12:00 03:00 Japan JGB 10-year 23 Feb JPY 2.2tn
10:30 10:30 UK Gilt 4.25% Sep 2039 23 Feb
03/03 Wed 11:00 10:00 Germany OBL 2.5% Feb 2015 (Series 156) EUR 5bn
10:30 10:30 UK Gilt 2.75% Jan 2015 23 Feb
12:00 17:00 Canada CAN 5-year 25 Feb
04/03 Thu 12:00 03:00 Japan Auction for enhanced liquidity 25 Feb JPY 0.6tn
10:30 09:30 Spain Bono 5-year (2015) (new) 1 Mar
10:50 09:50 France OATs 10- &/or 15- &/or 30-year 26 Feb
Sources: Treasuries, BNP Paribas
Interest Rate Strategy 12 February 2010
Market Mover, Non-Objective Research Section
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