Free Trial

EGB issuance slowed markedly......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance slowed markedly this week with just Germany and
Portugal holding auctions. Italy also arranged a BTP tap for specialists. Total
supply for the week came to E9.4bn compared to E37.9bn last week.
- RECAP: On Tuesday Germany allotted E4.08bn of the 0% Jun-22 Schatz. Germany
returned on Wednesday with a tap of the 1.25% Aug-48 bund and allotted E1.26bn.
Portugal then sold a combined E1.25bn of the 2.875% Jul-26 PGB and 0.475% Oct-30
PGB. Italy placed a total of E1.65bn across the 2.45% Sep-33 BTP, 2.25% Sep-36
BTP and 5.00% Aug-39 BTP in a tap placement for 'specialists'. 
- CASH FLOWS: There be no redemptions but E0.4bn of coupon payments which will
leave net cash flows at E9.0bn for the week.
** For further detail please see MNI Eurozone Issuance Profile & Cash Flow
Matrix: https://emedia.marketnews.com/CFM200720nmdg.pdf
*** PDF includes our initial supply estimates for the week.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.