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EGB Supply

EUROZONE ISSUANCE

Austria, Germany and Italy are all due to issue this week. We pencil in gross nominal issuance of E14.8bln, down from E31.0bln last week.

  • Austria will kick off issuance for the week this morning with an RAGB auction. On offer will be a combined E1.265bln of the 5-year 0% Oct-28 RAGB (ISIN: AT0000A2VB47) and the on-the-run 2.90% Feb-33 RAGB (ISIN: AT0000A324S8). This is likely to be the last Austrian auction of 2023 and follows the triple-tranche syndication of 19 October.
  • Tomorrow, Germany will come to the market to sell E4bln of the 10-year 2.60% Aug-33 Bund (ISIN: DE000BU2Z015).
  • Italy will look to conclude issuance for the week on Friday with a 3/7/15-50-year BTP auction. We expect reopenings of both the 3-year on-the-run 3.85% Sep-26 BTP (ISIN: IT0005556011) and the 7-year on-the-run 4.00% Nov-30 BTP (ISIN: IT0005561888). We have less conviction on the 15-50-year BTP on offer. The bonds on offer will be announced late this afternoon.

NET NOMINAL FLOWS: This week sees redemptions of E3.5bln from a formerly 7-year EU-bond and coupon payments for the week of E0.3bln. This leaves net flows for the week an estimated positive E11.0bln versus negative E15.5bln last week.

For more on this week and next week's supply as well as a recap of last week's issuance see the PDF here.

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