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EGB Supply

EUROZONE ISSUANCE

Spain, the Netherlands, Lithuania, Austria, Germany and Finland are all still due to come to the market this week, while the EFSF, Slovakia and the EU issued on Monday. We also pencil in another possible syndication from Belgium. We pencil in estimated gross issuance for the week at E33.5bln, down from E59.0bln last week.

  • Spain on Monday announced a mandate for a new 30-year Oct-54 Obli to launch in the “near future”. We had already pencilled this in for this week and look for a transaction size of E5-7bln today. We had noted the lack of any nominal bonds with a maturity longer than 10-years at the 1 February auction made us more confident a syndication is imminent.
  • Lithuania also announced a mandate for an upcoming new 10-year EUR Reg S syndication in the "near future". MNI expects a E1.0-1.5bln transaction today.
  • The Netherlands will look to come to the market today to hold a DDA to launch E4.0-6.0bln of the new 10-year 2.50% Jul-34 DSL (ISIN: NL0015001XZ6). The preliminary initial spread guidance was set yesterday at 2.20% Feb-34 Bund + 33 to +36bp. We expect the top of the target range (E6.0bln) to be sold.
  • Also this morning, Austria will look to hold an RAGB auction with E2.013bln of on the-run 5/10-year RAGBs on offer: the 0% Oct-28 RAGB (ISIN: AT0000A2VB47) and the 2.90% Feb-34 RAGB (ISIN: AT0000A39UW5).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240206.pdf

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