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EGB Supply

EUROZONE ISSUANCE

Ireland and Italy have announced issuance operations for today while the EFSF, the EU, Belgium, Italy, the Netherlands, Austria, Estonia, Spain and Germany have already come to the market this week. This leaves estimated gross issuance for the week at E65.7bln, up from E28.9bln last week. Note that Spain released its funding plan on Tuesday – see the summary on page 8.

  • Ireland has released a mandate for a E3bln WNG new 10-year Oct-34 IGB to be launched via syndication in the “near future”. The size is in line with our expectations of a E3.0-3.5bln transaction and we look for it to take place on today.
  • Italy will also look to hold a 3-year BTP auction (with the 7-year and 15+ year BTP portions of the auction cancelled given this week’s syndication). On offer will be E3.75-4.00bln of the new 2.95% Feb-27 BTP (ISIN: IT0005580045).
For a recap of this week's issuance so far and details on issuance for the rest of this week and next week as well as a round-up of funding plans already announced for 2024, see the PDF here:

EZ240111.pdf

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