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EGB Supply

EUROZONE ISSUANCE

The Netherlands and Italy both still look to issue this week while the EU came to the market yesterday. We pencil in gross nominal issuance of E17.8bln, up from E13.0bln last week.

  • This morning, the Netherlands will look to sell E1.5-2.0bln of the 30-year 2.00% Jan-54 DSL (ISIN: NL00150012X2).
  • Also today, Italy will hold a BTP Short Term / BTPei auction. E2.0-2.5bln of the 3.40% Mar-25 BTP Short Term (ISIN: IT0005534281) will be on offer (possibly for the last time ahead of a new BTP-ST in July) alongside E1.25-1.75bln of the 1.50% May-29 BTPei (ISIN: IT0005543803) which was launched in April.
  • On Friday, Italy will look to conclude H1 issuance with a 5/10/11-year BTP auction. The 5-year on-the-run 3.80% Aug-28 BTP (ISIN: IT0005548315) will be reopened for E2.5-3.0bln alongside the 10-year on-the-run 4.35% Nov-33 BTP (ISIN: IT0005544082) for E2.75-3.25bln and E1.00-1.25bln of the 5.00% Aug-34 BTP (ISIN: IT0003535157) which originally had a 30-year maturity. There will be no CCTeu sold at this auction.
  • Germany will hold a press conference to discuss its Q3 issuance plans at 10:00BST / 11:00CET this morning while the EU will hold an investor call tomorrow to present its H2 issuance plans (although note that it has previously published these plans ahead of the call). Finland will either outline its Q3 issuance plans this week or next.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ230627.pdf

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