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EGB supply for W/C 21 June, 2021

EUROZONE ISSUANCE

Slovakia have already held an auction while the Netherlands, Germany and Italy are still due to hold auctions and Spain and Slovenia are set to hold syndications. We look for E21.4bln of gross nominal issuance this week, substantially down from E51.2bln last week.

  • Slovakia kicked off issuance for the week on Monday selling E561mln of SlovGBs (just over the E550mln target): E124mln of the 0% Jun-24 SlovGB, E78mln of the 1.00% Jun-28 SlovGB, E214.5mln of the 1.00% May-32 SlovGB and E144mln of the 2.00% Oct-47 SlovGB.
  • The Netherlands will come to the market this morning with E1-2bln of the 4.00% Jan-37 DSL on offer.
  • Spain issued a mandate yesterday for a new 10-year Obli maturing in Oct-31. We expect the transaction to take place today and look for a size of around E10bln.
  • Slovenia is also also likely to come to the market this week after holding an investor call yesterday ahead of an inaugural issue of a Sustainability bond. Depending on the maturity we look for a transaction of up to E1.5bln.
  • Tomorrow, Germany will reopen the 15-year 0% May-36 Bund for E2.5bln.
  • Italy will round off issuance for the week on Friday with BTP Short Term and BTPei on offer. Details will be announced later today.

NET NOMINAL FLOWS: There are no redemptions in the upcoming week with E4.0bln of coupons (of which E3.1bln are Belgian). With gross nominal issuance of E21.4bln, we look for net nominal flows of E17.4bln, down substantially from the E50.1bln last week. Issuance is set to pick up again in the W/C 28 June with the launch of the second NGEU bond (we see issuance for that week at north of E40bln).

For a full calendar of all scheduled supply operations see the MNI Eurozone/UK Bond Auction Calendar here.

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