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EGB Supply

EUROZONE ISSUANCE

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

  • This morning, Spain will hold a Bono/Olbi auction for a combined E5.5-6.5bln. On offer will be the new long 5-year 3.50% May-29 Bono (ISIN: ES0000012M51), the off-the-run 10-year 2.35% Jul-33 Obli (ISIN: ES00000128Q6) and the 1.00% Jul-42 Green Obli (ISIN: ES0000012J07).
  • Also today, France will hold a LT OAT auction with on-the-run 10/20/30-year OATs on offer and an auction size of E9.0-10.5bln: the 10-year 3.00% May-33 OAT (ISIN: FR001400H7V7) alongside the 20-year 2.50% May-43 OAT (ISIN: FR001400CMX2) and the 30-year 3.00% May-54 OAT (ISIN: FR001400FTH3) and another LT OAT.
  • Italy is issuing a retail-only 5-year BTP Valore through the week (with a maturity of Oct-28). Issuance across the first three days has been E12.9bln: day 1 saw E4.77bln of takeup, day 2 saw a further E4.54bln and day 3 saw E3.58bln.
  • 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:

EZ231005.pdf

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