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CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

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Japan Tokyo Jul Core CPI +2.2% Y/Y

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MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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EGB Supply

EUROZONE ISSUANCE

Slovakia, Spain, France and Belgium all still look to issue this week while Italy and Germany have already come to the market. We pencil in gross nominal issuance of E35.8bln from announced operations, up from E21.9bln last week.

  • Slovakia has announced a mandate for a new 10-year SlovGB to be launched in the “near future”. We would expect a transaction size of at least E1.0bln and for the transaction to take place today. We note that ARDAL’s investor presentation released in February ahead of the 12/20-year dual-tranche syndication pencilled in E4.0bln to be raised in total through syndication – and a combined E3.5bln was raised in that transaction.
  • Spain will kick off auctions this morning. On offer will be E5.5-6.5bln of nominals: the 2.80% May-26 Bono (ISIN: ES0000012L29), the 0.80% Jul-29 Obli (ISIN: ES0000012K53) and the 1.90% Oct-52 Obli (ISIN: ES0000012K46). Also on offer will be E250-750mln of the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12).
  • Also this morning, France will come to the market to sell E9.5-11.0bln of LT OATs: the 3.00% May-33 OAT (ISIN: FR001400H7V7), the 2.50% May-43 OAT (ISIN: FR001400CMX2) and the 3.00% May-54 OAT (ISIN: FR001400FTH3).
  • Belgium will conclude issuance for the week tomorrow with an ORI operation. We look for E500mln to be sold, with the OLOs on offer to be confirmed this afternoon.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ230601.pdf

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