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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
EGB Supply
The EU has already held an issuance operation this week, while Belgium, Austria, Germany, Portugal and Italy are all due to issue later this week. We pencil in estimated gross issuance for the week at E32.9bln, above the E29.2bln last week. In terms of syndications (alongside Belgium) we see Finland, Greece, Italy and Spain as the most likely candidates this week. However, any syndications are likely to be on Tuesday or Wednesday so that they are not ongoing through the ECB meeting and we would be surprised to see more than 1-2 syndicated deals this week.
- Belgium has mandated banks to hold a 5-year EUR benchmark OLO syndication in the near future. We expect the transaction to take place on Tuesday. We had expected a 5/6-year OLO syndication in May, with an April offering less likely following last week's 30-year USD benchmark syndication. The new OLO will have a maturity date of October 22, 2029, and we expect a size of E5-8bln. The conventional OLO auction scheduled for April 22, 2024 has been cancelled.
- This morning, Austria will come to the market to hold an RAGB auction with another auction size of E2.0125bln (we look for E1.75bln to be allotted). On offer will be the 0.50% Feb-29 RAGB (ISIN: AT0000A269M8) and the 2.90% Feb-34 RAGB (ISIN: AT0000A39UW5).
- Also this morning, Germany will come to the market to sell E4bln of the 2.10% Apr-29 Bobl (ISIN: DE000BU25026).
For more on this week's issuance and a look ahead to next week's supply see the PDF here:
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.