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Curve Twist Steepens, Futures Narrow


EDU2/Z2/H3 Fly Given


TYF2 132.00 Calls Still Being Lifted

EGB Supply For W/C Sep 6, 2021 (1/2)

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Austria, Germany and Ireland will all hold auctions this week while there are possible syndications (with Spain and Slovenia the most likely, but Slovakia, Italy and Luxembourg also possible issuers). There will also be focus on the EU investor call on Wednesday. Taking into account just confirmed auctions, we look for E7.3bln of gross nominal issuance this week, substantially down from the E38.0bln sold last week.

  • Austria will kick off issuance for the week on Tuesday with E1.61bln of 10/16-year RAGBs on offer: the 0% Feb-31 and the 4.15% Mar-37 RAGB.
  • Germany will also hold a linker auction on Tuesday with E500mln nominal of the 0.50% Apr-30 ILB and E200mln nominal of the 0.10% Apr-46 ILB on offer.
  • Germany will return to the market on Wednesday to launch the 0% Aug-31 Green Bund for E3.5bln.
  • The EU will hold an investor call on Wednesday at 8:00BST/9:00CET to give an update to borrowing plans for the remainder of 2021. Auction dates and confirmation of the launch of green bonds are expected. Note that there is expected to be one auction and one syndication each through at least the Sep-Nov period.
  • Ireland will conclude issuance via auction for the week on Thursday with details to be announced Monday morning.