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EGB supply for W/C Apr 19, 2021 (2/2)

EUROZONE ISSUANCE
  • Spain sold E5.25bln of Bonos/Oblis against a E5-6bln target: E1.788bln of the 3-year 0% May-24 Bono, E1.238bln of the 7-year 1.50% Apr-27 Obli and E2.227bln of the 10-year 0.10% Apr-31 Obli.
  • France then sold E10.994bln of MT OATs (the upper end of the target). The highlight was the launch of the 0% Feb-27 for E4.304bln which will be built up as the 5-year benchmark. Also sold were E3.035bln of the 3-year 0% Feb-24 OAT and E3.655bln of the 8-year 0.50% May-29 OAT.
  • France concluded Thursday's issuance selling E1.996bln nominal of linkers (again the top of the target range): E1.197bln of the 0.10% Mar-26 OATei, E393mln of the 0.10% Mar-36 OATi and E406mln of the 0.10% Jul-47 OATei.
  • In addition, Italy will launch a new 16-year BTP Futura to retail clients only with books having been open since Monday and due to close later today (we do not include that in our total; the running book total is at E5.15bln).
NET NOMINAL FLOWS: There are no redemptions this week and with coupon payments of just E0.8bln and gross nominal issuance of E33.5bln, we estimate net nominal flows of E32.7bln 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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