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EGB Supply

EUROZONE ISSUANCE

Austria, Portugal, Spain, Ireland and Italy are all due to hold auctions this week. The syndication schedule may pick up again with France or the ESM the most likely candidates to hold transactions in our view. We pencil in estimated gross issuance for the week at E23.7bln (excluding retail operations), down from last week’s E36.5bln.

  • Austria will kick off issuance for the week on Tuesday. In line with recent auctions, the size will be E2.01bln across two RAGBs with the on-the-run 10-year 2.90% Feb-34 RAGB (ISIN: AT0000A39UW5) on offer alongside the the 0.70% Apr-71 RAGB (ISIN: AT0000A2QQB6).
  • Portugal will come to the market on Wednesday to sell a combined E1.0-1.25bln of the following OTs at its auction next Wednesday (May 8 ): the 10-year on-the-run 2.875% Oct-34 OT (ISIN: PTOTESOE0021) and the 15-year on-the-run 3.50% Jun-38 OT (ISIN: PTOTEZOE0014).
  • Books opened yesterday for the BTP Valore, if the same proportion of sales are made in day 1 relative to previous issues, E10.0-14.5bln would be raised through the week. This was the slowest start to any BTP Valore transaction. See the PDF for more details.
For more on this week's issuance and a look ahead to next week's supply see the PDF here:

EZ240507.pdf

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