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EGB Supply For W/C Oct 11, 2021 (2/2)

EUROZONE ISSUANCE
  • Italy will come to the market tomorrow with benchmark 3/7/30-year BTPs on offer: the 0% Aug-24 BTP, the 0.50% Jul-28 BTP and the 1.70% Sep-51 BTP.
  • Germany will return to the market tomorrow with E1bln of the 30-year 0% Aug-52 Bund on offer.
  • Ireland will round off EGB issuance for the week on Thursday with E1.0-1.5bln of 10/25/30-year IGBs on offer: the 0% Oct-31 IGB, the 2.00% Feb-45 IGB and the 1.50% May-50 IGB.

NET NOMINAL FLOWS: There will again be a single redemption this week, E13.9bln of the Italian 2.30% Oct-21 BTP which was originally launched as a 3-year BTP. Coupon payments of E1.2bln are due. Together with gross nominal issuance of E27.7bln, this leaves our estimate of net nominal flows for the week at E12.7bln, up from E3.9bln last week.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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