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EGB Supply for W/C Feb 8

EUROZONE ISSUANCE

Germany, the Netherland, Italy and potentially Portugal are all scheduled to come to the market this week. We look for gross nominal issuance of E19.8bln. There is the possibility of further syndications this week.

  • The Netherlands will kick off issuance for the week on Tuesday with its new 10-year DSL to be sold via Dutch Direct Auction (DDA). E4-6bln of the 0% Jul-31 DSL will be on offer. The initial guidance is due to be released Monday.
  • Germany will also come to the market on Tuesday, with E1.5bln of the new 10-year index-linked Bund, the 0.10% Apr-33. This will be the first new German linker to be sold since 2015.
  • On Wednesday, Germany will return to the market to sell E4bln of the 0% Apr-26 Bobl.
  • Portugal is unlikely to use its provisional auction date on Wednesday after its recent 30-year syndication.
  • Thursday will see Italy come to the market to sell MT and LT BTPs. Details are due to be announced Monday.

NET FLOWS: The only bond due to be redeemed is from the EU, a floater, with just E0.1bln of coupon payments in the week. Together with gross nominal issuance of E19.8bln, we look for net flows of E17.7bln (against E6.4bln last week).

See the MNI EGB Issuance, Redemption and Cash Flow Matrix for more.

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