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EGB supply for W/C Apr 12, 2021: Upcoming

EUROZONE ISSUANCE
Slovakia and Germany are both still due to issue this week. We estimate gross nominal issuance of E34.3bln for the week (down from E38.5bln last week). The week will see large redemptions totalling E29.3bln.
  • Slovakia has announced a mandate for a syndicated launch of a new 15-year SlovGB in the "near future". We expect the transaction to take place today and expect an issue size of E1.5-2.5bln.
  • Germany will return to the market this morning 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 E34.3bln, we look for net nominal issuance of around E1.2bln for the week (down from 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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