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EUROZONE ISSUANCE: EGB Supply

EUROZONE ISSUANCE

Italy is due to hold an auction today and Belgium an ORI auction this week, whilst Austria already held an auction. We pencil in estimated gross issuance for the week at E10.2bln, down from E16.4bln last week. Both the EU and Slovakia have updated funding plans this week with Austria and the Netherlands due to release their 2025 funding plans on Friday.

  • Today, Italy will hold a 3/7/11/30-year BTP auction. E2.5-3.0bln of the on-the-run 3-year 2.70% Oct-27 BTP (ISIN: IT0005622128), E2.5-3.0bln of the on-the-run 7-year 3.15% Nov-31 BTP (ISIN: IT0005619546), E1.0-1.5bln of the 3.35% Mar-35 BTP (ISIN: IT0005358806) and E0.75-1.00bln of the on-the-run 30-year 4.30% Oct-54 BTP (ISIN: IT0005611741).
    • This will conclude Italian issuance for 2024.
  • Finally tomorrow, Belgium will hold an ORI operation to sell up to E500ml, details will be announced later today.

NOMINAL FLOWS: This week sees a single redemption of E16.0bln of a Schatz. Coupon payments for the week total E1.0bln, of which E0.9bln are German. This leaves estimated net flows for the week at negative E6.8bln, versus negative E27.8bln last week.

For more details on issuance this week and next week see the full document here: EZ241212.pdf

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