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EGB Supply (2/2)

EUROZONE ISSUANCE
  • Tomorrow, Italy will look to hold an exchange auction. The MEF looks to sell up to E3bln of the 5.75% Feb-33 BTP (ISIN: IT0003256820) and looks to buyback the 4.50% Mar-24 BTP (ISIN: IT0004953417), the 1.75% May-24 BTP Short Term (ISIN: IT0005499311), the 1.75% Jul-24 BTP (ISIN: IT0005367492) and the 3.75% Sep-24 BTP (ISIN: IT0005001547).
  • Tomorrow will also see Germany return to the market to hold a 15-year Bund auction. On offer will be E500mln of the off-the-run 0% May-35 Bund (ISIN: DE0001102515) alongside E1bln of the on-the-run 1.00% May-38 Bund (ISIN: DE0001102598).
  • On Friday, Italy will conclude issuance for the week with a BTP Short Term / BTPei auction. We look for a reopening of the 3.60% Sep-25 BTP Short Term (ISIN: IT0005557084) for E2.0-2.5bln. We don’t have a strong conviction regarding the BTPei that will be on offer. Details will be announced later today. However, we note that this could also be the last BTP-ST/BTPei auction of the year with the MEF often cancelling the auction that is scheduled between Christmas and New Year.
For more on this week and next week's supply see the PDF here:

EZ231121.pdf

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