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EGB Supply for W/C Jul 12 (1/2)

EUROZONE ISSUANCE

This week will see heavy issuance. We estimate E53.8bln of gross nominal issuance. Issuance will comfortably exceed last week's E16.3bln.

  • The EU will hold a dual-tranche syndicated transaction today with a total of E15.25bln WNG on offer (we had pencilled in a E8-15bln range). The fourth NGEU bond (final before the summer break) will be launched, a 20-year issue with E10bln WNG on offer. Alongside this will be a E5.25bln WNG EFSM/MFA 10-year issue.
  • Auctions for the week will kick off this morning with the Netherlands looking to sell E1.5-2.5bln of the 3.75% Jan-42 DSL.
  • We will also see Italy launch a new 3-year BTP as it looks to sell up to E9.0bln of 3/7/15-year BTPs: E4.0-4.5bln of the new 0% Aug-24 BTP, E2.25-2.75bln of the 0.50% Jul-28 BTP and E1.25-1.75bln of the 0.95% Mar-37 BTP.
  • Concluding the morning's auctions, Germany will look to sell E5bln of the 0% Jun-23 Schatz.
  • In addition, today will see Portugal hold a buyback operation for its 5.125% Oct-24 USD notes. No indicative amount has been released but we note that there is USD4.5bln of the issue outstanding.
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