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

EUROZONE ISSUANCE
  • Germany will return to the market tomorrow to sell E4bln of the 10-year 0% Aug-31 Bund.
  • Also tomorrow, Portugal will hold an auction for E0.75-1.00bln of OTs with the 0.475% Oct-30 OT and 4.10% Apr-37 OT on offer.
  • On Thursday, Spain will sell 3/7/10-year on-the-run issues and an 15-year off-the-run issue with amounts to be announced this afternoon. On offer will be the 0.25% Jul-24 Bono, the 0% Jan-28 Bono, the 0.50% Oct-31 Obli and the 4.20% Jan-37 Obli.
  • France then looks to sell E9.5-10.5bln of MT OATs with the following on offer: the 0% Feb-24 OAT, the 0% Feb-26 OAT, the 2.75% Oct-27 OAT and the 0.75% Nov-28 OAT.
  • France will conclude issuance for the week with E1.25-1.75bln of 10/15-year OATeis on offer: the 0.10% Jul-31 OATei and the 0.10% Jul-36 OATei.

NET NOMINAL FLOWS: There is just one redemption this week, E16.5bln of a Netherlands DSL which was originally issued with a 10-year maturity. In addition, there are E3.1bln of coupon payments (of which around 60% are Dutch). This leaves net nominal flows for the week at E34.2bln, versus last week's minus E15.1bln.

For a full calendar of all scheduled supply operations see the MNI Eurozone/UK Bond Auction Calendar here.

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