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EGB Supply

EUROZONE ISSUANCE

The EU, Germany, Italy and Finland all still look to sell bonds this week while Belgium has already come to the market. We pencil in gross nominal issuance of E32.4bln from announced operations, down from E47.5bln last week.

  • There is an EU-bond syndication scheduled for Tuesday with a new long 15-year EU-bond with a maturity of 4 October 2038 to be launched. We pencil in a E5-6bln transaction size.
  • Germany has also announced a mandate for a new 10-year 2.30% Feb-33 Green Bund to be held in the “near future” (we expect Tuesday). We pencil in a transaction size of E4-5bln. Germany’s 2023 funding plan included two green syndications this year: a 10-year transaction and a longer-maturity transaction.
  • Germany will also hold a Tuesday auction with E6bln of the new 2.80% Jun-25 Schatz (ISIN: DE000BU22015) on offer.
For more on this week's issuance and a look ahead to what is on offer next week, see the PDF here:

EZ230425.pdf

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