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EGB supply for W/C Apr 26, 2021 (1/2)

EUROZONE ISSUANCE

The ESM, Italy, Germany and the Netherlands are all due to come to the market this week. We expect E24.5bln of nominal gross EUR issuance, down from E37.4bln last week. And a further USD3.5bln from Italy's Global bond sale. There are some huge redemptions totalling E55.1bln in the upcoming week, most notably from France and Spain.

  • The ESM completed its Q2 funding needs on Monday, issuing E2.0bln of a new long 10-year 0.01% Oct-31 bond. Order books were in excess of E12bln.
  • Italy held a syndicated launch of a new 3/30-year dual-tranche USD offering on Tuesday: $2.0bln of the 0.875% May-24 and $1.5bln of the May-51.
  • Italy also came to the market on Tuesday to sell BTP Short Term/BTPei: E3.75bln of the 0% Nov-22 BTP Short Term, E1.0bln of the 0.65% May-26 BTPei and E0.75bln of the 0.15% May-51 BTPei.
  • Finally on Tuesday, Germany launched its new 7-year Nov-28 Bund. E3.2534bln was allotted with issuance volumes of E4bln.
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