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EGB Supply

EUROZONE ISSUANCE

Austria, the EFSF, Germany, Spain and France have all come to the market this week. We pencil in gross nominal issuance of E24.7bln (excluding retail operations), down from E30.5bln last week.

  • Italy is issuing a retail-only 5-year BTP Valore through the week (with a maturity of Oct-28). Issuance across the first four days has been E15.6bln: day 1 saw E4.77bln of takeup, day 2 saw a further E4.54bln, day 3 saw E3.58bln and day 4 saw E2.73bln. This is on track to raise less than the previous 4-year BTP Valore which was issued in June. The June issue saw E18.2bln total issuance (E17.2bln across the first four days and E1.12bln on day 5).
  • Portugal announced its Q4 issuance plans on Tuesday and reduced its 2023 OT funding target by E4.0bln to E10.3bln. See page 2 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:

EZ231006.pdf

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