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EGB supply for W/C 21 June, 2021: Upcoming

EUROZONE ISSUANCE

Slovenia is set to launch its inaugural Sustainability bond, while Germany and Italy are set to hold auctions. We look for a further E7.25bln nominal to be sold this week, which would bring total gross nominal issuance this week to E17.8bln, substantially down from E51.2bln last week.

  • Slovenia has announced that it intends to launch its inaugural Sustainability bond with a 10-year maturity following successful investor calls earlier this week. The size is to be set at E1bln (WNG) and we expect the transaction to take place today.
  • Also this morning, Germany will reopen the 15-year 0% May-36 Bund for E2.5bln.
  • Italy will round off issuance for the week on Friday with E2.25-2.75bln of the 0% Nov-22 BTP Short Term and E0.75-1.00bln of the 0.15% May-51 BTPei on offer.

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 E17.8bln, we look for net nominal flows of E13.8bln, 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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