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EGB Supply for W/C Aug 2

EUROZONE ISSUANCE

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

  • Austria kicked off issuance for the week yesterday selling 4/10-year RAGBs. It allotted E700mln of the 0% Apr-25 (issuance volume E805mln) and the E600mln of the 0% Feb-31 (issuance volume E690mln).
  • Germany will look to sell E4bln of the 0% Oct-26 Bobl this morning.
  • Spain will come to the market tomorrow to sell E4-5bln of benchmark 3/5/10-year nominals and E250-750mln of 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.
  • France will look to sell E6.5-7.5bln of LT OATs, also tomorrow. 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 tomorrow.

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 last week's E18.7bln.

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

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