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The Netherlands, Austria, Germany, Portugal, Italy and Ireland have all held auctions this week, while Italy, Greece and the EFSF have held syndications. Total gross nominal issuance for the week is E34.1bln, considerably higher than last week's E28.5bln.
- The EFSF completed its Q2 funding Monday, selling E2.5bln of its 0% Apr-24 bond via syndication. The EFSF had originally planned to issue E2.0bln but upsized the transaction "especially to satisfy investor demand" and will reduce its Q3 funding target to E2.0bln.
- Italy came to the market Tuesday to hold a syndication to launch a new 10-year Dec-31 BTP. The E10bln sold was in line with our expectation of "towards the bottom of the E10-14bln range". Demand was very strong with books of E67.7bln.
- The Netherlands kicked off Tuesday's auctions, selling E2.20bln of the 10-year 0% Jul-31 DSL (versus a range of E1.5-2.5bln).
- Austria then sold E1.38bln of the 4-year 0% Apr-25 RAGB and the 10-year 0% Feb-31 RAGB (E690mln of each).
- Also Tuesday, Germany allotted E3.259bln of the 7-year 0% Nov-28 Bund with issuance volumes of E4bln, in an auction that was technically only just covered.
- Greece held a syndicated tap of its 10-year 0.75% Jun-31 GGB on Wednesday, selling E2.5bln slightly below the MNI estimate of E3.0bln. This leaves just E500mln of issuance to complete the PDMA's higher scenario funding target of E12.0bln for 2021 and we have discussed that with favourable funding conditions in H2 and with more funding than originally expected from the EU, Greece could look to complete its IMF repayments in 2021.