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EGB Supply

EUROZONE ISSUANCE

Germany and Spain are due to return to the market in addition to issuance from Italy, Greece and France still due to issue this week while Slovakia, the Netherlands and Finland have all come to the market already this week. We pencil in gross nominal issuance of E39.8bln, up from E18.8bln last week.

  • Italy has announced that it will hold an exchange auction this morning to issue up to E3.0bln nominal. The MEF will look to sell: the 6.00% May-31 BTP (ISIN: IT0001444378) and the 4.00% Feb-37 BTP (ISIN: IT0003934657). The MEF will look to buyback: the 0% Jan-24 BTP Short Term (ISIN: IT0005454050), the 1.75% May-24 BTP Short Term (ISIN: IT0005499311), the 0% Aug-24 BTP (ISIN: IT0005452989), the 0.35% Oct-24 BTP Italia (ISIN: IT0005217770) and the 1.40% May-25 BTP Italia (ISIN: IT0005410912).
  • Today will also see Greece come to the market to hold a 5/10-year GGB auction with up to E150mln of the 3.875% Jun-28 GGB (ISIN: GR0114033583) on offer alongside up to E250mln of the 4.25% Jun-33 GGB (ISIN: GR0124039737).
  • Germany will also return to the market this morning with E4bln of the 2.60% Aug-33 Bund (ISIN: DE000BU2Z015) on offer.
For more on this week and next week's supply see the PDF here:

EZ231018.pdf

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