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


Italy is expected to launch a new syndicated CCTeu today and to hold BTP-ST and BTPei auctions tomorrow. We look for a further E8.75bln nominal to be sold this week, which would bring total gross nominal issuance this week to E22.8bln, substantially down from E51.2bln last week.

  • Italy has released a mandate for a new long 7-year CCTeu maturing April 2029 to be launched via syndication in the "near future". There have been no CCTeus sold via syndication recently so the size is a little more uncertain that usual but we look for a transaction size of E4-6bln and to take place today.
  • 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 E22.8bln, we look for net nominal flows of E18.8bln, 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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