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EGB Supply

EUROZONE ISSUANCE

Germany looks to return to the market today while Italy is scheduled to hold an auction on Thursday, while Belgium held an auction Monday. We also still think there is a chance of an Italian syndication. We pencil in an estimated gross issuance for the week at E18.3bln, down from E31.9bln last week.

  • Germany will return to the market on Wednesday to hold a 10-year Bund auction. On offer will be E5bln of the 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • On Thursday, Italy will conclude issuance for the week by holding a BTP Short Term and BTPei auction. On offer will be E3.0-3.5bln of the new 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269) - a launch we had expected this month. Alongside this will be E0.75-1.25bln of the 1.50% May-29 BTPei (ISIN: IT0005543803) and E0.75-1.00bln of the 2.55% Sep-41 BTPei (ISIN: IT0004545890).
  • We think there is a chance that Italy chooses to hold a syndication (following last week’s buyback), potentially to launch the new 10-year BTP with a maturity date of 1 February 2035. If there is a syndication, we pencil in a size of around E10bln.
For more on this week's issuance and a look ahead to next week's issuance see the full PDF here:

EZ240724.pdf

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