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EGB Supply For W/C Dec 6, 2021

EUROZONE ISSUANCE
MNI (London)

This week will see issuance from the Netherlands and Germany. MNI estimates gross issuance for this week at E9.6bln, down from last week’s E18.3bln.

  • Latvia came to the market yesterday to launch its inaugural Sustainability bond with E600mln of the 0.25% Jan-30 bond sold via syndication, with books of E2.35bln.
  • The Netherlands will kick off auction issuance for the week this morning with E1.5-3.0bln of the 3-year 2.00% Jul-24 DSL on offer.
  • Germany will also come to the market today to sell E4bln of the 0% Dec-23 Schatz.
  • Germany will return to the market tomorrow, with E3bln of the 10-year 0% Aug-31 Bund on offer.
  • Italy will hold an exchange auction on Thursday with up to E2.5bln of the Apr-29 CCTeu on offer in exchange for the Mar-22/Sep-22 CTZs and the Jun-22/Dec-22 CCTeus.
  • Greece will also hold an exchange/buyback this week with the 2.00% Apr-27, 3.90% Jan-33, 4.00% Jan-37 and 4.20% Jan-42 GGBs all on offer and 20 GGBs all available to be bought back/exchanged. The expiration is Friday.

NET NOMINAL FLOWS: There is one redemption due this week, a E15.5bln German Schatz maturing on Friday. There are no coupon payments due. With gross issuance of E9.6bln, we estimate negative net flows of E5.9bln this week (close to last week’s negative net flows of E6.9bln).

For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document.

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