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EGB Supply For W/C Jul 5, 2021: Upcoming

EUROZONE ISSUANCE

We estimate another E1.5bln of issuance from Ireland to conclude the week, which would bring total issuance from first round operations to E15.6bln for the week, down from E43.4bln last week.

  • Ireland will conclude issuance for the week tomorrow with E1.0-1.5bln of 5/10/15-year IGBs on offer: the 1.00% May-26, 0% Oct-31 and 0.40% May-35.

NET NOMINAL FLOWS: There are E24.0bln of redemptions due this week, E19.0bln of a German Bund (originally 10-year) and E5.0bln of an EFSF bond (which was rolled earlier this year). Coupon payments total E7.6bln, of which E6.9bln are German. With estimated nominal gross issuance of E15.6bln, we look for net nominal flows of -E16.0bln for the week, as opposed to last week's net issuance of +E29.6bln.

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

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