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

EUROZONE ISSUANCE
  • Germany will return to the market tomorrow to launch the 0% Aug-31 Green Bund for E3.5bln.
  • The EU will hold an investor call tomorrow 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 E1.00-1.25bln of the 10/20-year benchmark IGBs on offer: the 0% Oct-31 IGB and the 0.55% Apr-41 IGB.
  • Slovenia announced that it would hold a tender offer to buy back 2.25% Mar-22 and 0.20% Mar-23 notes with the view of selling an ultra-long issue. We note that the tender offer expires today with results due tomorrow and think there is a decent chance we see an announcement today that a syndication will be held tomorrow.

NET NOMINAL FLOWS: Redemptions this week are solely from Germany totalling E50bln with a 10-year Bund maturing on Saturday for E16bln, a Bobl maturing on Saturday for E21bln and Schatz maturing Friday for E13bln. In addition there are E1.2bln of coupons due. With gross nominal issuance of E12.1bln, net nominal issuance would be negative E39.1bln (in contrast to last week's positive E6.6bln).

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

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