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EGB Supply

EUROZONE ISSUANCE

Luxembourg is due to hold a syndication while Germany and Italy are both due to return to the market this week. In addition, Slovakia, the EU and have already held institutional issuance operations this week. Subscriptions for Belgium’s retail state bonds are due to begin on Thursday. We pencil in estimated gross issuance (ex-retail) for the week at E28.7bln, down from an estimated E37.8bln last week.

  • Luxembourg announced a mandate for a new 10-year LGB on Tuesday with the transaction to take place in the near future. We expect a E1-2bln transaction and pencil in today for the transaction.
  • Also this morning, Germany will return to the market to sell E4.5bln of the 10-year 2.20% Feb-34 Bund (ISIN: DE000BU2Z023).
  • On Friday, Italy will return to the market to hold a BTP Short Term / BTPei auction. As expected, we will see the launch of the new 3.20% Jan-26 BTP Short Term (ISIN: IT0005584302). Alongside this E0.5-1.0bln of the 5-year 1.50% May-29 BTPei (ISIN: IT0005543803) and E250-500mln of the 20-year 2.55% Sep-41 BTPei (ISIN: IT0004545890) will be on offer.
    • As we didn’t see the 0.10% May-33 BTPei (ISIN: IT0005482994) reopened, we look for a new long 10-year BTPei to be launched via syndication, potentially as early as the first quarter of the year. There is also a chance that a new 10-year BTPei could potentially be launched via auction.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240221.pdf

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