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EGB Supply for W/C Jan 25 (2/2)

EUROZONE ISSUANCE
  • On Wednesday, Germany allotted E3.307bln of the Feb-31 Bund with an issuance volume of E4bln.
  • Austria launched a new 10-year Feb-31 RAGB via syndication for E4bln.
  • Greece also launched a new 10-year benchmark via syndication, the Jun-31 GGB for E3.5bln.
  • Slovenia sold a new 60-year Mar-81 SLOREP via syndication for E500mln.
  • On Thursday, Italy again sold at the top of its target range with E8.75bln BTPs/CCTeu: E3.5bln of the 0.50% Feb-26 BTP, E3.75bln of the 0.90% Apr-31 BTP and E1.5bln of the 0.50% Apr-26 CCTeu.
CASH FLOWS: With just E0.1bln of redemptions and E0.3bln of coupon payments, this equates to cash flows of E41.1bln. Last week's issuance of E30.0bln saw net flows of E22.1bln. For reference, the heaviest week of supply so far in 2021 was the W/C 4 January which saw a total E48.4bln nominal sold.

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