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EGB supply for W/C 21 June, 2021 (2/2)

EUROZONE ISSUANCE
  • Also Wednesday, Germany reopened the 15-year 0% May-36 Bund, allotting E2.06bln with a transaction size of E2.5bln in what was a more successful transaction than the last technically uncovered 15-year auction.
  • Italy launched a new long 7-year CCTeu maturing April 2029 via syndication yesterday. The transaction was sized at E6bln (the top of our expected E4-6bln range) with books in excess of E12.1bln.
  • Italy will round off issuance for the week this morning 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 have been no redemptions this week with E4.0bln of coupons (of which E3.1bln are Belgian). With gross nominal issuance of E23.8bln, we look for net nominal flows of E19.8bln, 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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