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EGB Supply

EUROZONE ISSUANCE

Greece, Italy, Cyprus and Belgium all still look to issue this week. We also potentially look for an Austrian syndication. The EU, the Netherlands, Italy and Germany have already come to the market. We pencil in gross nominal issuance of E32.5bln from scheduled issuance operations this week, almost double last week’s E16.8bln.

  • Greece has announced a mandate to launch a new 5-year Jun-28 GGB via syndication in the near future. We expect the transaction to take place today. We would look for a transaction size of E2.5-3.5bln, although think we are likely to see closer to the bottom of that range rather than the top as the Greece would complete its E7.0bln funding target for the year if it was to issue E3.5bln this week.
  • Portugal is to hold a reverse auction today, looking to buy back the 4.95% Oct-23 OT (ISIN: PTOTEAOE0021) and the 5.65% Feb-24 OT (ISIN: PTOTEQOE0015).
For more on this week's issuance see the PDF here:

EZ230329.pdf

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