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EGB Supply

EUROZONE ISSUANCE

The EU, the Netherlands, Italy, Germany, Belgium and Cyprus all look to issue this week. We also potentially look for an Austrian syndication. We pencil in gross nominal issuance of E29.0bln from scheduled issuance operations this week, up from this week’s E16.8bln.

  • The EU has announced a mandate for a syndicated transaction today. It will look to tap the 2.625% Feb-48 Green EU-bond (ISIN: EU000A3K4DM9). We pencil in a transaction size of E5bln.
  • The Netherlands will kick off auctions for the week this morning with E1.5-2.0bln of the former 30-year benchmark, the 0% Jan-52 DSL (ISIN: NL0015614579).
  • Also today, Italy will hold its first auction of the week. It will look to reopen the E1.00-1.25bln of the 2.50% Dec-24 BTP (ISIN: IT0005045270) alongside E2.25-2.75bln of the 3.40% Mar-25 BTP Short Term (ISIN: IT0005534281) and E1.0-1.5bln of the 0.10% May-33 BTPei (ISIN: IT0005482994).
  • Finally this morning, Germany looks to sell E5.5bln of the 2.50% Mar-25 Schatz (ISIN: DE000BU22007).
For more on this week's issuance see the PDF here:

EZ230328.pdf

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