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

EUROZONE ISSUANCE
  • Spain sold E5.449bln of 5/7/10/15y Bonos/Oblis and E0.731bln of 10-year Obli-Eis on Thursday (against targets of E5-6bln and E0.5-1.0bln respectively). E1.120bln of the 5-year 0% Jan-26 Bono, E1.169bln of the 7-year off-the-run 1.40% Jul-28 Obli, E1.875bln of the 10-year 0.10% Apr-31 Obli, E1.286bln of the 15-year 1.85% Jul-35 Obli and E0.731bln of the 1.00% Nov-30 Obli-Ei
  • France then rounded off issuance for the week selling E10.999bln of LT OATs (the top of its target range): E6.272bln of the 10-year 0% Nov-30 OAT, E2.344bln of the 20-year 0.50% May-40 OAT and E2.383bln of the 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 E6.0bln of 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 E30.7bln, we expect net nominal flows of -E16.6bln 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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