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EGB supply this week (1/2)

EUROZONE ISSUANCE

Germany, Spain and France all have scheduled auctions this week while Italy and Slovenia have announced syndications. There are further possible syndications possible with the most likely candidates to announce Ireland and Portugal.

  • Germany kicked off 2022 issuance yesterday by holding an auction to allot E3.957bln of the 0% Dec-23 Schatz with an issuance volume of E5bln and a healthy bid-to-cover.
  • This morning, Spain will come to the market to sell E4.5-5.5bln of 3/7/15-year on-the-run bonds (0% May-24 Bono, 0% Jan-28 Obli, 0.85% Jul-37) and E250-750mln of the 0.65% Nov-27 Obli-Ei.
  • Also this morning, Germany will return to the market to launch its new 10-year Bund for E4bln, the 0% Feb-32 Bund via auction.
  • Italy will today hold a syndication for its new 30-year BTP maturing 1 September 2052. MNI expects a transaction size in the region of E7-10bln and we pencil in E8bln.
  • Slovenia will also hold a syndication (most likely today) for a 4/40-year dual-tranche transaction. MNI pencils in E1.0-1.5bln for the 4-year and E250-750mln of the 40-year.
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