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EGB Supply For W/C Jul 5, 2021 (2/2)

EUROZONE ISSUANCE
  • Germany returned to the market Wednesday to sell E5bln of the new Oct-26 Bobl. The auction was weak and technically uncovered with just E3.949bln allotted.
  • Ireland held an auction Thursday selling E1.5bln of 5/10/15-year IGBs (top of the target range): E450mln of the 1.00% May-26, E500mln of the 0% Oct-31 and E550mln of the 0.40% May-35.
  • Lithuania came to the market Thursday to hold a syndication for a 30-year Eurobond. E750mln of the 0.75% Jul-51 issue was sold, with books of E1.6bln.

NET NOMINAL FLOWS: There have been E24.0bln of redemptions 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 E16.3bln, net nominal flows from first round operations were -E15.3bln 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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