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EGB Supply

EUROZONE ISSUANCE

Germany is due to return to the market this morning alongside Italy and Portugal while the ESM and the Netherlands have already issued this week. We no longer look for a Belgian syndication this week. We look for estimated gross issuance for the week at E22.8bln, down from E41.0bln last week.

  • Italy will come to the market this morning with a 3/7/15-year BTP and BTP Green auction. On offer will be E2.5-3.0bln of the on-the-run 3-year 2.95% Feb-27 BTP (ISIN: IT0005580045), E2.5-3.0bln of the on-the-run 7-year BTP 3.50% Feb-31 BTP (ISIN: IT0005580094), E1.00-1.25bln of the 3.25% Mar-38 BTP and E1.00-1.25bln of the 4.00% Oct-31 BTP Green (ISIN: IT0005542359).
  • Also this morning, Germany will look to sell E4.5bln of the 10-year 2.20% Feb-34 Bund (ISIN: DE000BU2Z023).
  • Finally this morning, Portugal will come to the market with a combined E1.00-1.25bln of the 0.30% Oct-31 OT (ISIN: PTOTEOOE0033) and the 1.15% Apr-42 OT (ISIN: PTOTEPOE0032) on offer.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240313.pdf

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