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Light Upside Call Spds


Dips Considered Corrective


Trend Signals Remain Bearish

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Ireland is due to come to the market today for an additional E1.0-1.5bln. Including the E26.3bln sold so far, we estimate gross nominal issuance for the week at E27.8bln, little changed from last week's E25.4bln.

  • Ireland will round off EGB issuance for the week this morning 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 E27.8bln, 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.