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EGB Supply

EUROZONE ISSUANCE

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

  • A mandate has been sent for a dual-tranche EFSF syndication to take place in the “near future”, we expect this to take place on Wednesday. On offer will be a new long 5-year Apr-29 bond (ISIN: TBA) alongside a tap of the 3.00% Sep-34 EFSF (ISIN: EU000A1G0BJ5). We pencil in a combined transaction size of E4.0bln (which would complete the EFSF’s funding for 2023).
  • Germany will come to the market on Wednesday with E3bln of the 2.40% Nov-30 Bund (ISIN: DE000BU27006) on offer.
  • Portugal announced its Q4 issuance plans on Tuesday and reduced its 2023 OT funding target by E4.0bln to E10.3bln. See page 2 of the PDF for more details.
For more on this week and next week's supply as well as a roundup of Q4 issuance updates see the PDF here:

EZ231004.pdf


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