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EGB Supply for W/C Mar 1 (2/2)

EUROZONE ISSUANCE
  • On Thursday, Spain will sell 5/7/10/15y Bonos/Oblis and 12y Obli-Eis with amounts to be confirmed Monday. On offer will be the 5-year 0% Jan-26 Bono, the 7-year off-the-run 1.40% Jul-28 Obli, the 10-year 0.10% Apr-31 Obli, the 15-year 1.85% Jul-35 Obli and the 1.00% Nov-33 Obli-Ei
  • France will then round off issuance for the week with E10-11bln of LT OATs on offer: the 10-year 0% Nov-30 OAT, 20-year 0.50% May-40 OAT and 30-year 0.75% May-52 OAT.
Net flows: There are some large redemptions next week which total E37.8bln: E23.9bln from the 3.75% Mar-21 BTP originally issued as a 10-year, E7.6bln nominal of the 0.10% May-21 OATei, originally issued as a 3-year and E6.0blnof the ESM 1.375% Mar-21, originally issued as a 7-year. On top of this there are E9.5bln of coupon payments due, of which E9.0bln are Italian. Together with our estimated nominal gross issuance of E23.3bln, we expect net nominal flows of -E24.0bln next week, a bigger flow back to the market than the -E0.2bln seen this week.

For more on the upcoming auction schedule see the MNI Eurozone and UK Government Bond Auction Calendar here.

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