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EGB Supply For W/C Aug 16, 2021

EUROZONE ISSUANCE

Germany and France both issued EGBs this week. Total gross nominal issue is expected at E15.0bln, up from this week's E4.0bln.

  • Germany kicked off issuance for the week on Tuesday, allotting E4.809bln of the new Sep-23 Schatz in a successful auction with a total issuance volume of E6.0bln.
  • Germany returned to the market yesterday, allotting E827mln of the 30-year 0% Aug-50 Bund in a strong auction with an issuance volume of E1bln.
  • France sold E7bln of off-the-run MT OATs on Thursday, at the top of its range: E2.497bln of the 0% Mar-24 OAT, E2.506bln of the 0.50% May-25 OAT and E1.994bln of the 1.00% May-27 OAT.
  • France then sold E991mln of linkers (against a range of E0.5-1.0bln): E349mln of the 0.10% Mar-28 OATi and E642mln of the 0.10% Mar-29 OATei.

NET NOMINAL FLOWS: There were no redemptions this week and just E2.4bln of coupon payments. With gross nominal issuance of E15.0bln, we estimate net nominal issuance of E12.6bln for the week (up from E2.3bln last 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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