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EGB Supply

EUROZONE ISSUANCE

Germany, Spain and Italy are due to issue bonds this week. We pencil in gross nominal issuance of E23.5bln from announced issuance operations this week, down from last week’s E32.7bln.

  • Germany will return to the market this morning to hold a 30-year Bund auction with E1.0bln of the 1.25% Aug-48 Bund (ISIN: DE0001102432) on offer alongside E1.5bln of the 0% Aug-52 Bund (ISIN: DE0001102572).
  • Tomorrow, Spain will look to sell E5.5-6.5bln of nominal bonds: the on-the-run 3-year 2.80% May-26 Bono (ISIN: ES0000012L29) alongside the on-the-run 10-year 3.15% Apr-33 Obli (ISIN: ES0000012L52) and the 1.00% Jul-42 Green Obli (ISIN: ES0000012J07). In addition, Spain looks to sell E250-750mln of the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12).
  • Italy will also come to the market tomorrow to sell 3/7/15/20-year BTPs: E2.75-3.25bln of the on-the-run 3-year 3.80% Apr-26 BTP (ISIN: IT0005538597), E3.25-3.75bln of the new 7-year 3.7% Jun-30 BTP (ISIN: IT0005542797), E1.0-1.25bln of the 4.00% Feb-37 BTP (ISIN: IT0003934657) and E1.0-1.25bln of the 4.75% Sep-44 BTP (ISIN: IT0004923998).
For more on this week's issuance and a look ahead to next week's issuance see the PDF here:

EZ230412.pdf

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