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EGB Supply for W/C Feb 22 (1/2)

EUROZONE ISSUANCE

Belgium, the Netherlands, Italy, Germany and potentially Portugal will all come to the market this week. With Italy having cancelled its 10-year BTP auction, we have revised down our estimated issuance for the week to E17.3bln, down from the E32.8bln sold last week.

  • RECAP: Belgium sold E2.309bln vs a target of E1.8-2.3bln on Monday: E755mln of the 0.80% Jun-25 OLO, E803mln of the 0.80% Jun-28 OLO and E751mln of the 1.25% Apr-33 Green OLO.
New flows: There will only be 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 E17.3bln of gross nominal issuance, we look for net nominal flows of zero (down substantially from the E29.7bln last week).

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