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EGB Supply For W/C Apr 25, 2022 (2/2)

EUROZONE ISSUANCE
MNI (London)
  • Italy will conclude issuance on Friday with 5/10-year BTP and CCTeus on offer. We expect the benchmark 5/10-year BTPs to be reopened: the 1.10% Apr-27 BTP and the 0.95% Jun-32 BTP. However, there is a chance that we see a new 10-year Dec-32 BTP launched given that the 0.95% Jun-32 BTP is around benchmark size. In addition, we look for the first reopening via auction of the Oct-30 CCTeu. Details will be announced later today.

NET NOMINAL FLOWS: There are E44.1bln of redemptions in the week ahead. The majority of this is E42.9bln of the originally 10-year 3.00% Apr-22 OAT. The formerly 30-year 8.25% Apr-22 OAT is also due to mature with E1.0bln outstanding. Coupon payments are expected to come in at E10.8bln with the majority being Spanish (E10.6bln). This would leave estimated net flows for the week at negative E34.3bln (from positive E15.0bln this week).

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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