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EGB Supply

EUROZONE ISSUANCE

Germany will look to return to the market today while Latvia, Greece, Spain and France are all still due to issue this week and the EU held a syndication yesterday. We pencil in gross nominal issuance of E32.4bln, up from E16.3bln last week.

  • Today, Greece will look to hold its last auction of 2023, with up to E200mln of the 10-year on-the-run 4.25% Jun-33 GGB (ISIN: GR0124039737) on offer.
  • Today will also see Germany hold its last 30-year Bund auction of 2023 with E1bln of the 0% Aug-52 Bund (ISIN: DE0001102572) on offer alongside E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
  • Latvia has announced a mandate for a new May-29 bond with the transaction to take place in the "near future" (MNI pencils in today). This will be the third Latvian syndication of 2023 - following a E750mln 5-year transaction for the 3.50% Jan-28 held in January and a E750mln 10-year 3.875% Jul-33 bond launched in July. The latest investor presentation implies that Latvia has already raised E2.6bln this year and plans to raise a further E800mln in Q4-23 (and then plans for E3.2bln in 2024). The MNI Markets team therefore pencils in a transaction size of E500mln.
For more on this week and next week's supply see the PDF here:

EZ231115.pdf

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