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EGB Supply

EUROZONE ISSUANCE

The EFSF, Germany and Italy all still look to issue in the week ahead while Belgium came to the market yesterday. We pencil in gross nominal issuance of E13.6bln, down from E20.1bln last week.

  • The EFSF has issued an RFP for an upcoming transaction. We expect the transaction to take place on Tuesday. The EFSF has already raised E13bln of its E20bln funding target and we pencil in a transaction of E3-5bln (with a larger transaction likely to be a dual-tranche).
  • On Tuesday 22 August, Germany will look to sell E3bln of the 7-year 2.40% Nov-30 Bund (ISIN: DE000BU27006).
  • Italy will look to hold a BTP Short Term auction on Friday 25 August, we pencil in a reopening of the 3.60% Sep-25 BTP Short Term (ISIN: IT0005557084) which was launched in July. We pencil in a maximum auction size of between E2.50-2.75bln. The BTPei auction that was due to be held simultaneously has been cancelled.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ230822.pdf

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