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EGB Supply

EUROZONE ISSUANCE

Belgium, Germany and Italy have already come to the market this week. Estimated gross issuance for the week is E18.6bln, down from E31.9bln last week.

  • On Tuesday 30 July, Italy will kick off issuance for the week by holding a 5/10-year BTP / CCTeu auction, including the launch of a new 10-year BTP (as we expected). However, there is no new 5-year to be launched this month (with a new Oct-29 BTP now likely to be launched in August or September). On offer will be E1.25-1.50bln of the 4.10% Feb-29 BTP (ISIN: IT0005566408), E1.25-1.75bln of the 3.35% Jul-29 BTP (ISIN: IT0005584849), E4.0-4.5bln of the new 3.85% Feb-35 BTP (ISIN: IT0005607970) and E1.0-1.5bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467).
  • Calendar update: Italy announced that it would not hold its 3/7/15+ year BTP auction on 13 August or its BTPei auction on 27 August. Note that it will still hold its BTP Short Term auction on 27 August as well as its 5/10-year BTP / CCTeu auction on 29 August. The MEF notes that this is due to its cash management activity.
For more on this week's issuance and a look ahead to next week's issuance see the full PDF here:

EZ240726.pdf

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