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EGB supply for W/C 3 Jan (2/2)

EUROZONE ISSUANCE
  • Italy held a syndication on Wednesday for its new 30-year BTP maturing 1 September 2052. E7bln was sold.
  • Slovenia also held a syndication on Wednesday for a 4/40-year dual-tranche transaction. E1.25bln of the Feb-26 SLOREP was sold alongside E500mln of the Feb-62 SLOREP.
  • Yesterday, France sold E10.997bln of LT OATs via auction, the top of its target range: E5.870bln of the new 0% May-32 OAT, E1.796bln of the 0.50% May-40 OAT and E3.331bln of the 0.75% May-53 OAT.
NET NOMINAL FLOWS: There was a single redemption this week, E22.5bln of a 10-year Bund which matured on Tuesday. In addition there were E5.6bln of coupon payments (of which E5.2bln were German). With gross nominal issuance of E34.4bln, we estimate positive net issuance of E6.3bln this week.
For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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