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EGB Supply

EUROZONE ISSUANCE

Cyprus, Italy, the Netherlands, Austria, Germany and France all look to issue this week. We pencil in gross nominal issuance of E30.5bln from announced issuance operations this week, a little lower than last week’s E31.7bln.

  • Cyprus is due to hold a syndication in the “near future” to launch its 10-year inaugural Sustainable bond. We pencil in a transaction size of E1.0bln in line with the 2023 funding guidance and expect the transaction to take place today.
  • Italy also announced a mandate for a new for a new 8-year BTP Green due 30 October, 2031. The transaction is due to take place in the "near future", we also expect it to take place on today but are unsure on the size of the transaction - it could range from E6-10bln.
  • The Netherlands will kick off auctions for the week this morning with E3-5bln of the new 2.50% Jan-30 DSL (ISIN: NL0015001DQ7) on offer.
  • Austria will then look to sell a combined E1.38bln of on-the-run 3/10-year RAGBs: the 2.00% Jul-26 RAGB (ISIN: AT0000A308C5) and the 2.90% Feb-33 RAGB (ISIN: AT0000A324S8).
  • Concluding today’s issuance Germany will look to sell Index Linked Bunds: E400mln of the 0.10% Apr-33 ILB (ISIN: DE0001030583) and E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575).
For more on this week's issuance see the PDF here:

EZ230404.pdf

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