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EGB supply for W/C Apr 12, 2021 (2/2)

EUROZONE ISSUANCE
  • Italy will hold an auction this morning, selling up to E7.75bln of BTPs (a slightly smaller auction size than usual with the 7-year not on offer after last week's syndication). On offer will be the 0% Apr-24 BTP for E3.5-4.0bln, the 1.60% Jun-26 BTP for E1.00-1.75bln and the 0.95% Mar-37 BTP for E1.5-2.0bln.
  • Germany will hold a linker auction today, with the 0.10% Apr-33 ILB on offer for the first time since its launch in February.
  • Germany will then return to the market on Wednesday to sell E1.5bln of the 1.25% Aug-48 Bund.

REDEMPTIONS: 15 April is redemption day with E15.2bln of the 0.05% Apr-21 BTP (originally 3-year), E6.00bln of the 3.50% Apr-21 RFGB (originally 10-year) and E8.03bln of the 3.85% Apr-21 OT (originally 15-year) all due to mature.

NET NOMINAL FLOWS: Coupon payments for the week total E3.8bln (E1.5bln from Germany, E1.2bln from Portugal). With gross nominal issuance of E32.9bln, we look for net nominal flows to be almost flat on the week (against net nominal issuance of E15.8bln last week).

For a longer-term outlook for UK and EGB issuance see the MNI Eurozone/UK Bond Supply Calendar.

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