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EGB Supply


Belgium is due to hold an ORI operation today. France, Slovakia, the Netherlands, Germany and Italy have all to the market already (in addition to retail operations). We pencil in estimated gross issuance (ex-retail) for the week at E25.6bln, down from E30.0bln last week. We also note the huge redemptions and coupon payments.

  • Today, Belgium will come to the market to hold an ORI operation for a combined up to E500mln. On offer will be the 1.00% Jun-31 OLO (ISIN: BE0000335449) and the 1.45% Jun-37 OLO (ISIN: BE0000344532).
  • Italy is due to launch a new retail-only 6-year Mar-30 BTP Valore (ISIN: IT0005583478) this week. Books opened on Monday and already stand at E16.94bln sold across the first 4 days (E6.44bln sold on day 1, E4.611bln sold on day 2, E3.603bln on day 3 and E2.29bln sold on day 4; similar to the E17.07bln across the first three days for the 4-year in June and in excess of the E15.62bln seen for the 5-year in October). Books are due to close at 13:00CET today.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:


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