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EGB supply for W/C 24 May, 2021

EUROZONE ISSUANCE

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

  • The Netherlands will come to the market on Tuesday to sell the long 25-year 2.75% Jan-47 DSL for E1-2bln.
  • Italy will then look to sell BTP Short Term / BTPei on Wednesday with details due to be announced tonight.
  • 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.
  • Portugal will also potentially hold an OT auction on Wednesday with confirmation due later today.
  • Italy will conclude issuance for the week on Friday, selling MT/LT BTPs with details to be announced on Tuesday.

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 this 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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