France will reopen OAT 2.5% Sep27, OAT 2.75% Feb29 and OAT Nov31 for EUR 10.5-12bn. France will also sell EUR 1.75-2.5bn of OATi 0.1% Mar28, OATei 0.1% Mar29, OATei 3.15% Jul32 and OATei 0.1% Jul53. We note that the ILB auction is bigger than the one held a month ago. Spain will tap SPGB 2.5% May27, SPGB 3.5% May29 and SPGB 2.35% Jul33 for EUR 5-6bn.