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EGB supply for W/C 7 June, 2021: Upcoming

EUROZONE ISSUANCE
Greece, Germany, Portugal, Italy and Ireland are all still due to issue bonds this week. We look for a further E14.5bln of issuance, which would bring the total for the week to E34.5bln from first round operations, considerably higher than last week's E25.1bln.
  • Greece will hold a syndicated tap of its 10-year 0.75% Jun-31 GGB in the "near future", we expect this today. E3.0bln of issuance would complete the PDMA's higher scenario funding target of E12.0bln for 2021 and we therefore pencil in an expected size of E3.0bln today.
  • This morning, Germany will return to the market to auction E1.5bln of the 30-year 0% Aug 50 Bund.
  • Portugal will then look to sell E750mln-1.0bln of 7/10-year OTs: the 0.70% Oct-27 OT and the 10-year 0.30% Oct—41 OT.
  • Italy looks to follow up its syndication tomorrow by auctioning 3/7/20-year BTPs: E3.0-3.5bln of the 0% Apr-24 BTP, E2.0-2.5bln of the 0.50% Jul-28 BTP and E1.25-1.75bln of the 1.80% Mar-41 BTP.
  • Ireland will also hold a bond auction Thursday with E1.00-1.25bln of 8/16/25-year IGBs on offer: the 1.10% May-29 IGB, the 1.70% May-37 IGB and the 2.00% Feb-45 IGB.

NET NOMINAL FLOWS: There are a number of redemptions in this week totalling E21.2bln, the most noteworthy of which are a E5bln EFSF bond that matured on 7 June (originally issued as a 7-year) and a E14.0bln Schatz maturing on 11 June. Coupons are only E0.1bln, leaving net nominal issuance expected to come in at E13.2bln. This is larger than last week's E2.7bln but a lot lower than the E41.2bln net nominal issuance expected in the W/C 14 June.

For a longer-term look ahead, see the MNI EZ/UK Bond Auction calendar.

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