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EGB Supply

EUROZONE ISSUANCE

Germany is due to return to the market this morning while Italy will hold an exchange auction; Slovakia and Finland have already come to the market this week. We pencil in gross nominal issuance of E9.5bln, down from E34.2bln last week.

  • This morning, Italy will look to hold an exchange auction. The MEF looks to sell up to E3bln of the 5.75% Feb-33 BTP (ISIN: IT0003256820) and looks to buyback the 4.50% Mar-24 BTP (ISIN: IT0004953417), the 1.75% May-24 BTP Short Term (ISIN: IT0005499311), the 1.75% Jul-24 BTP (ISIN: IT0005367492) and the 3.75% Sep-24 BTP (ISIN: IT0005001547).
  • Also this morning, Germany return to the market to hold a 15-year Bund auction. On offer will be E500mln of the off-the-run 0% May-35 Bund (ISIN: DE0001102515) alongside E1bln of the on-the-run 1.00% May-38 Bund (ISIN: DE0001102598).
For more on this week and next week's supply see the PDF here:

EZ231122.pdf

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