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EGB supply for W/C Apr 19, 2021: Upcoming

EUROZONE ISSUANCE
Germany, Spain and France are all still due to hold auctions this week. We look for a further E22.2bln of nominal gross issuance, bringing the total for the week to an estimated E33.4bln, down from last week's E37.4bln (E38.9bln including second rounds last week).
  • Today, Germany will return to the market to sell E4bln of the 0% Feb-31 Bund.
  • Tomorrow will see Spain issue E5-6bln the on-the-run 3-year 0% May-24 Bono, an off-the-run 7-year 1.50% Apr-27 Obli and the on-the-run 10-year 0.10% Apr-31 Obli.
  • Also tomorrow, France will issue E10-11bln of MT OATs. The highlight will be the 0% Feb-27 which will be built up as the 5-year benchmark. Also on offer are the 3-year 0% Feb-24 OAT and 8-yera 0.50% May-29 OAT.
  • Concluding the week, France will sell E1.5-2.0bln of linkers. The 0.10% Mar-26 OATei, the 0.10% Mar-36 OATi and the 0.10% Jul-47 OATei will be on offer.
  • In addition, Italy will launch a new 16-year BTP Futura to retail clients only (we do not include that in our total but books are open Mon-Fri and the running book total is at E3.67bln).
NET NOMINAL FLOWS: There are no redemptions this week and with coupon payments of just E0.8bln and gross nominal issuance of E33.4bln, we estimate net nominal flows of E32.6bln this week, up from E7.3bln last week.

For a longer-term calendar of all announced future operations see the MNI UK/EZ Bond Supply Calendar here.

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