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BONDS

Off Lows

GILT TECHS

(Z1) Remains Heavy

INDIA

Indian Issuance Plan Looms

SCHATZ TECHS

(Z1) Trend Conditions Remains Bearish

BOBL TECHS

(Z1) Needle Still Points South

BUND TECHS

(Z1) Bear Trend Sequence Intact

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Austria, Germany, Spain, France and Belgium are all due to issue EGBs next week. We estimate total gross nominal issuance of E18.5bln for the week, slightly lower than this week's E19.9bln.

  • Austria will kick off issuance for the week on Tuesday with E1.495bln of 4/10-year RAGBs on offer: the 0% Apr-25 and the 0% Feb-31.
  • Germany will look to sell E4bln of the 0% Oct-26 Bobl on Wednesday.
  • Spain will come to the market Thursday to sell benchmark 3/5/10-year nominals and the 10-year linker: the 0% May-24 Bono, the 0% Jan-26 Bono, the 0.50% Oct-31 Obli and the 1.00% Nov-30 Obli-Ei. The amount on offer will be confirmed Monday.
  • France will look to sell E6.5-7.5bln of LT OATs, also on Thursday. On offer will be the 1.50% May-31 OAT, the 5.75% Oct-32 OAT and the 1.25% May-34 OAT.
  • Belgium will conclude issuance for the week on Friday through the ORI facility with details to be announced Thursday.

NET NOMINAL FLOWS: There is one redemption, a BTP with E22.6bln outstanding (originally issued as a 15-year) with E4.9bln of coupons (of which E4.7bln are from Italy). With gross nominal issuance of E18.5bln this would leave net nominal flows at minus E9.0bln for the week, a smaller net contraction in supply than this week's E18.7bln.

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