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EGB Supply for W/C Feb 22 (2/2)

EUROZONE ISSUANCE
  • Issuance for the week concluded Thursday with Italy returning to the market to sell E5.0bln of the new 5-year 0% Apr-26 BTP and E1.25bln of the 0.55% Dec-23 CCTeu. Note that Italy did not hold a 10-year BTP auction this week following the syndicated launch of the 0.60% Aug-31 BTP for E10bln last week.
Net flows: There was only one redemption this week, E16.8bln of French OATs, originally issued as a 3-year. Coupon payments will only be minimal at E0.5bln. Combined with E16.8bln of gross nominal issuance, we look for net nominal flows of -E0.5bln (down substantially from the +E29.7bln last week).
For more on the upcoming auction schedule see the MNI Eurozone and UK Government Bond Auction Calendar here.

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