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EGB Supply

EUROZONE ISSUANCE

Germany, Italy and Belgium all still look to issue this week while the EU and Germany have already come to the market. We pencil in gross nominal issuance of E21.2bln, up from E15.4bln last week.

  • This morning, Italy will hold a 5/10-year BTP / CCTeu auction for up to E10bln (including the launch of a new 10-year BTP). On off will be E2.75-3.25bln of the on-the-run 5-year 3.80% Aug-28 BTP (ISIN: IT0005548315), E1.0-1.5bln of the previous on-the-run 10-year 4.35% Nov-33 BTP (ISIN: IT0005544082), E3.25-3.75bln of the new 10-year 4.20% Mar-34 BTP (ISIN: IT0005560948) and E1.0-1.5bln of the 1.15% Oct-31 CCTeu (ISIN: IT0005554982).
  • Also this morning, Germany will look to sell E1.5bln of the 1.30% Oct-27 Green Bobl (ISIN: DE0001030740) which has a residual maturity of just over four years.
  • On Friday, Belgium will look to conclude issuance for the week with an ORI operation. We pencil in an operation size of up to E500mln with details due to be announced tomorrow.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ230830.pdf

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