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EGB Supply

EUROZONE ISSUANCE

The Netherlands, Italy, Austria, Germany, Spain, France, and Finland all look to issue this week while the EU came to the market yesterday. We pencil in gross nominal issuance of E46.6bln, down from E30.6bln last week.

  • Germany has released a mandate for a new 30-year Green Bund. It will mature 15 August 2053 and as always have the same coupon as its conventional twin, 1.80%. We look for an issue size of E4-5bln and for the transaction to take place today.
  • The Netherlands will kick off this morning’s issuance with E1.5-2.5bln of the on-the-run 10-year 2.50% Jul-33 DSL (ISIN: NL0015001AM2) on offer.
  • Italy will then hold a 3/7/30 year BTP auction for up to E7.5bln. On offer will be: E2.5-2.75bln of the 3.80% Apr-26 BTP (ISIN: IT0005538597), E2.75-3.25bln of the 3.7% Jun-30 BTP (ISIN: IT0005542797) and E1.25-1.5bln of the 4.50% Oct-53 BTP (ISIN: IT0005534141).
  • Also this morning, Germany will look to sell E5bln of the new Oct-28 Bobl (ISIN: DE000BU25018). The coupon will be announced the day before.
  • Finland will conclude today’s issuance with an auction for up to E1.5bln due. On offer will be E1.0bln of the 3.00% Sep-33 RFGB (ISIN: FI4000550249) and E0.5bln of the 0.125% Apr-36 RFGB (ISIN: FI4000415153).
For more see the PDF here:

EZ230613.pdf

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