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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 while Italy and Greece will hold exchange auctions. MNI estimates gross issuance for this week at E9.7bln, down from last week’s E18.3bln.

  • Latvia came to the market Monday 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 kicked off auction issuance for the week on Tuesday morning, selling E2.1bln of the 3-year 2.00% Jul-24 DSL against a target of E1.5-3.0bln.
  • Germany also came to the market Tuesday, allotting E3.277bln of the 0% Dec-23 Schatz with issuance volumes of E4.0bln.
  • Germany returned to the market Wednesday, allotting E2.497bln of the 10-year 0% Aug-31 Bund with issuance volumes of E3bln.
  • Italy held an exchange auction on Thursday, selling E2.255bln of the Apr-29 CCTeu (against a maximum of E2.5bln) in exchange for E562mln of the May-22 CTZ, E806mln of the Sep-22 CTZ, E529mln of the Jun-22 CCTeu and E354mln of the Dec-22 CCTeu.
  • Greece will also hold an exchange/buyback this week. The benchmark 2.00% Apr-27, 3.90% Jan-33, 4.00% Jan-37 and 4.20% Jan-42 GGBs are all on offer in exchange for 20 GGBs that were created as part of the PSI debt restructuring in 2012. Bis must be submitted by 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 E9.7bln, we estimate negative net flows of E5.8bln this week (close to last week’s negative net flows of E6.9bln).

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

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