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EGB supply for W/C Apr 5, 2021 (2/2)

EUROZONE ISSUANCE
  • Yesterday, Spain sold E5.49bln of nominals against a E5-6bln target and E623mln of linkers against a E0.5-1.0bln target: E2.47bln of the 5-year 0% Jan-26 Bono, E2.13bln of the 7-year 0% Jan-28 Bono, E889mln of the off-the-run 23-year 5.15% Oct-44 Obli and E623mln of the 0.70% Nov-33 Obli-Ei.
  • France concluded issuance for the week by selling E10.83bln of LT OATs against a target of E10-11bln. The highlight was the launch of the new 10-year OAT, the 0% Nov-31 for E6.57bln. Also sold were the 0% Nov-29 OAT for E2.24bln and the 0.75% May-52 OAT for E2.03bln.

NET NOMINAL FLOWS: There have been E21.9bln of redemptions this week, with the majority (E21bln) from a Bobl maturing on 9 April, E925mln of a Slovenian bond originally issued as a 7-year has also matured. Coupons totaled E0.7bln. With gross nominal issuance of E38.4bln, net nominal flows were E15.7bln, larger than the E3.3bln seen last week.

For more details see the MNI EZ/UK bond auction calendar here.

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