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EGB Supply

EUROZONE ISSUANCE

Italy and Germany are both due to return to the market this week after holding auctions already while the EU and the Netherlands have already held auctions. We pencil in gross nominal issuance of E34.4bln, up from E23.8bln last week.

  • Germany will return to the market on Wednesday to sell E4bln of the 10-year 2.60% Aug-33 Bund (ISIN: DE000BU2Z015).
  • On Thursday, Italy will look to hold a 5/10-year BTP / CCTeu auction including a new 5-year BTP as we expected. On offer will be E4.5-5.0bln of the new 5-year 4.10% Feb-29 BTP (ISIN: IT0005566408), E2.5-3.0bln of the 10-year on-the-run 4.20% Mar-34 BTP (ISIN: IT0005560948), E500-750mln of the 0.50% Apr-26 CCTeu (ISIN: IT0005428617) and E500-750mln of the 0.75% Oct-30 CCTeu (ISIN: IT0005491250).
For more on this week and next week's supply see the PDF here:

EZ230927.pdf

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