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EGB supply for W/C 24 May, 2021

EUROZONE ISSUANCE

The Netherlands, Italy and Germany will all come to the market this week. We estimate gross nominal issuance of E17.7bln, substantially down on last week's E47.6bln.

  • The Netherlands will come to the market tomorrow to sell the long 25-year 2.75% Jan-47 DSL for E1-2bln.
  • Italy will sell E3.0-3.5bln of the 0% Nov-22 BTP Short Term and E0.75-1.25bln of the short 10-year 0.40% May-30 BTPei on Wednesday.
  • Germany will then look to sell E2.5bln of its 15-year 0% May-36 Bund. Recent German auctions have been weak, so there will be extra focus on this auction.
  • Italy will conclude issuance for the week on Friday, selling MT/LT BTPs with details to be announced tomorrow.
  • Portugal had a provisional auction date for this week but with no announcement on Friday it is very unlikely we will see OT issuance this week.

NET NOMINAL FLOWS: There is a large E20.31bln French OAT maturing on 25 May with a further E9.2bln of coupons due (E8.3bln of which are French). These will likely outweigh gross issuance of E17.7bln, leaving net negative nominal flows of E-11.9bln. This is in contrast to last week's net nominal flow of E44.9bln.

For more details see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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