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EGB Supply

EUROZONE ISSUANCE

Austria, Germany, Spain, France and the EFSF are due to issue this week. We pencil in gross nominal issuance of E25.3bln (excluding retail operations), down from E30.5bln last week.

  • The EFSF has sent an RFP to banks regarding a potential syndication. We pencil in a transaction size of E4.0bln (which would complete the EFSF’s funding for the new year) and note that this may be either a single-tranche or a dual-tranche deal. We don’t have a strong conviction on the tenors that will be on offer. We look for a transaction today.
  • Austria will kick off auctions for the week this morning with on-the-run 10/30-year RAGBs for a combined E1.265bln: the 10-year 2.90% Feb-33 RAGB (ISIN: AT0000A324S8) alongside the 3.15% Oct-53 RAGB (ISIN: AT0000A33SK7).
  • Italy will also look to issue a retail-only 5-year BTP Valore through the week (with a maturity of Oct-28). Issuance on Monday saw E4.77bln of takeup. This is lower than the E5.43bln seen on day 1 of the previous 4-year BTP Valore which was issued in June.
For more on this week and next week's supply as well as a roundup of Q4 issuance updates see the PDF here:

EZ231003.pdf

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