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EGB Supply for W/C Mar 1: Upcoming

EUROZONE ISSUANCE
Spain and France are due to conclude EGB issuance for the week today. We expect a further E17.5bln of issuance. This would leave total nominal gross issuance for the week at of E31.0bln, up from E17.1bln last week.
  • Spain will sell E5-6bln 5/7/10/15y Bonos/Oblis and E0.5-1.0bln 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-30 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 this 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 E31.0bln, we expect net nominal flows of -E16.3bln this week, a bigger flow back to the market than the -E0.2bln seen last week.

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

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