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EGB Supply

EUROZONE ISSUANCE

Italy and Ireland both look to come to the market on Thursday while the EU, Austria, Germany, Portugal. We pencil in gross nominal issuance of E16.3bln for the week (excluding retail funds from the BTP Italia), down from last week’s E35.8bln.

  • Italy is issuing a new 5-year Mar-28 BTP Italia this week. The second phase for institutional investors will be open from 10:00CET to 12:00CET on Thursday, with the ISIN IT0005532723. The annual real coupon will be announced ahead of the placement and has been set at a guaranteed minimum 2.00% with retail investors who hold to maturity to also receive a bonus of 0.8%. The first phase of the placement took place Mon-Wed for retail investors with an ISIN IT0005532715 and saw a takeup of E8.563bln (day 1 E3.637bln, day 2 E2.933bln and day 3 E1.993bln).
  • Ireland will look to round off Eurozone issuance for the week this morning with its first auction of 2023. It looks to sell a combined E1.00-1.25bln of the 10-year the 0.35% Oct-32 IGB (ISIN: IE00BMD03L28) and the 15-year 1.70% May-37 IGB (ISIN: IE00BV8C9B83).
For more on this week's issuance see the PDF here:

EZ230309.pdf

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