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EGB Supply For W/C Jan 24, 2021: Upcoming

EUROZONE ISSUANCE

Italy is due to sell up to another E8.0bln tomorrow while the EU, France, the Netherlands, Germany, Italy and Finland have already issued E19.2bln. We look for a total E27.2bln of gross nominal issuance, down from E44.0bln last week.

  • Italy will return to the market tomorrow with on-the-run benchmarks to be tapped: E2.5-3.0bln of the 5-year 0% Aug-26 BTP, E3.0-3.5bln of the 10-year 0.95% Jun-32 BTP and E1.0-1.5bln of the Apr-29 CCTeu.

NET NOMINAL FLOWS: This week sees redemptions and coupons sum to just E0.5bln. With estimated gross nominal issuance of E27.2bln, that leaves net flows for the week at positive E26.7bln (up from positive E19.5bln last week).

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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