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Free AccessEGB Supply For W/C Feb 21, 2022
So far this week. Slovakia issued bonds raising E274mln nominal. Italy and Germany are still scheduled to sell bonds for an estimated further E12.8bln this week, bringing total estimated gross nominal issuance to E13.0bln from announced operations, down from E38.8bln last week.
- Slovakia kicked off issuance for the week on Monday, selling E63mln of the 0.25% May-25, E38mln of the 1.00% Oct-30 SlovGB, E99mln of the 0.375% Apr-36 and E75mln of the 2.00% Oct-47 SlovGB, raising a total E274mln of SlovGBs (versus a combined E377mln on offer).
- Italy will come to the market today to reopen E2.5-3.0bln of the short-term 0% Nov-23 BTP. Today's planned BTPei auction was cancelled due to the recent syndication.
- Germany will also come to the market today with E1.5bln of the 0% May-36 Bund on offer.
- Italy will return to the market to conclude issuance for the week on Friday to issue E3.5-4.0bln of the new 5-year 1.10% Apr-27 BTP and reopen E2.5-3.0bln of the 10-year 0.95% Jun-32 BTP and E1.0-1.25bln of the 5-year 0.50% Apr-26 CCTeu.
NET NOMINAL FLOWS: There is one notable redemption for this week: E16.7bln of the French 0% Feb-22 OAT which was originally launched with a 3-year maturity. Coupon payments total E0.6bln. With gross issuance of E12.5bln, we estimate negative net flows of E4.3bln this week (down from last week’s positive net flows of E32.5bln).
For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.
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