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EGB Supply For W/C Aug 22, 2022

EUROZONE ISSUANCE

The EFSF, Belgium, Germany and Italy are all due to sell bonds next week. We look for estimated gross nominal issuance of E10.0bln, down from this week’s E11.0bln sold.

  • The EFSF has issued an RFP and we expect a syndicated transaction to take place next week. We don’t have a strong conviction on the expected maturity, but expect to see a transaction size of around E2bln.
  • Belgium will kick off auction issuance for the week on Monday with a combined E1.5-2.0bln of 5/10-year OLOs on offer: the 0% Oct-27 OLO (ISIN: BE0000351602) and the 0.35% Jun-32 OLO (ISIN: BE0000354630).
  • On Wednesday, Germany will look to sell E4bln of the 10-year 1.70% Aug-32 Bund (ISIN: DE0001102606).
  • Italy will conclude issuance on Friday with a BTP Short Term auction. MNI expects the 1.75% May-24 BTP Short Term (ISIN: IT0005499311) to be on offer with a maximum size between E2.00-2.75bln. The BTPei auction originally scheduled simultaneously has been cancelled.

NET NOMINAL FLOWS: The only redemption of the next week is an Austrian EMTN for E1.25bln due next week while EGB coupon payments are negligible. With estimated gross issuance of E10.0bln, MNI estimates net nominal issuance of positive E8.7bln next week, in line with this week’s positive E8.5bln.

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

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