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EGB Supply

EUROZONE ISSUANCE

Italy, Germany, Spain, France and Belgium all look to hold auctions this week. We pencil in estimated gross issuance for the week at E29.7bln up from E19.1bln last week.

  • Today, 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 Apr-32 CCTeu (ISIN: IT0005594467).
  • Tomorrow, Germany will look to conclude issuance for the month by selling E3bln of the short 7-year 2.40% Nov-30 Bund (ISIN: DE000BU27006).
  • On Thursday, Spain will look to hold a Bono / Obli / ObliEi auction. On offer will be a combined E5.0-6.0bln of the on-the-run 3-year 2.50% May-27 Bono (ISIN: ES0000012M77), the on-the-run 10-year 3.45% Oct-34 Obli (ISIN: ES0000012N35), and the 5.15% Oct-44 Obli (ISIN: ES00000124H4). As well as E250-750mln of the 0.65% Nov-27 Obli-Ei (ISIN: ES00000128S2).
  • France, also on Thursday will hold an LT OAT auction. On offer will be a combined E9.0-10.5bln of the on-the-run 10-year 3.00% Nov-34 OAT (ISIN: FR001400QMF9), the 15-year 1.25% May-38 OAT (ISIN: FR0014009O62), the 2.50% May-43 OAT (ISIN: FR001400CMX2) and the on-the-run 30-year 4.00% Apr-55 OAT (ISIN: FR0010171975).
  • Finally on Friday Belgium will conclude by holding an ORI operation, likely for up to E500mln. Details will be announced Thursday.

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