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EGB Supply for W/C Feb 8 (2/2)

EUROZONE ISSUANCE
  • On Wednesday, Germany returned to the market, allotting E3.269bln of the 0% Apr-26 Bobl with issuance volumes of E4bln.
  • Thursday saw Italy E9.0bln of MT and LT BTPs, the top end of its E7.5-9.0bln range: E3.0bln of the 0% Jan-24 BTP, E4.0bln of the 0.25% Mar-28 BTP and E2.0bln of the 1.80% Mar-41 BTP.

NET FLOWS: The only bond due to be redeemed was from the EU, a floater, with a total of just E0.1bln of coupon payments in the week. Together with gross nominal issuance of E25.5bln, we look for net flows of E23.4bln (against E6.4bln last week).

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