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EGB supply for W/C 10 Jan (1/2)

EUROZONE ISSUANCE

The EFSF, Spain, Netherlands, Austria, Germany, Portugal, Ireland, Cyprus and Italy have all sold bonds for a combined gross nominal total of E38.5bln so far this week (before the Dutch and Italian second rounds). This is higher than last week's E34.5bln.

  • The EFSF held a dual-tranche syndication on Monday, launching two new issues: E3.0bln of the 8-year 0.125% Mar-30 bond and E2.5bln of the 30-year 0.70% Jan-53 bond.
  • Spain launched a new 10-year 0.70% Apr-32 Obli via syndication Tuesday with a transaction size of E10bln.
  • The Netherlands kicked off this week’s auctions Tuesday morning with a new 4-year 0% Jan-26 DSL to be launched via conventional MTS auction for E4.705bln, close to the top of the E3-5bln target.
  • Austria then came to the market to sell its bonds 10/30-year RAGBs: allotting E700mln of the 0% Feb-31 RAGB and E600mln of the 0% Mar-51 RAGB. Total issuance volume E1.495bln.
  • Germany concluded Tuesday's issuance, allotting E630mln with E750mln of the 0.10% Apr-33 Index-Linked Bund available.
  • Germany return to the market yesterday morning, allotting E1.256bln of the 30-year 0% Aug-52 Bund in a technically uncovered auction with a size of E1.5bln.
  • Portugal also held a syndication yesterday to launch its new 20-year 1.15% Apr-42 OT for E3.0bln.

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