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

EUROZONE ISSUANCE
  • This morning, the Netherlands will look to sell E1.5-2.5bln of the 0.50% Jul-26 DSL.
  • Germany will return to the market this morning, with E2.5bln of the 0% May-36 Bund on offer.
  • Italy will conclude issuance for the week (and month) tomorrow with up to E7.25bln of BTPs and E1.25bln of CCTeus on offer: E2.25-2.75bln of the 0% Apr-26 BTP, E2.0-2.5bln of the 0.60% Aug-31 BTP, E1.5-2.0bln of the 0.90% Apr-31 BTP and E0.75-1.25bln of the 0.50% Apr-26 CCTeu.

REDEMPTIONS: Total of E55.1bln:

  • France: E29.1bln of the 3.75% Apr-21 OAT was due on 25 April – the OAT was originally issued as a 15-year issue.
  • Spain: E24.0bln of the 5.50% Apr-21 Obli (originally 10-year) is due to mature on Friday.
  • Italy: There is also a E2.0bln Italy EMTN due to mature on 28 April.

NET NOMINAL FLOWS: With E55.1bln of redemptions scheduled for the upcoming week and with chunky coupon payments of E15.8bln and gross nominal issuance of E24.5bln, we estimate net nominal flows of negative E46.4bln this week, last week saw a E37.4bln positive issuance.

For details on upcoming auctions see the MNI EZ/UK Bond Supply Calendar here.

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