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EGB Supply For W/C July 11, 2022 (2/2)

EUROZONE ISSUANCE
  • On Tuesday, the Netherlands will offer E1.5-2.5bln of the on-the-run 10-year 0.50% Jul-32 DSL (ISIN: NL0015000RP1) on offer.
  • Germany will also look to issue on Tuesday with E5.5bln of the 0.20% Jun-24 Schatz (ISIN: DE0001104883) on offer.
  • On Wednesday, Italy will look to sell 3/7/15-50-year BTPs. MNI expects reopenings of the 3-year 1.20% Aug-25 BTP (ISIN: IT0005493298) and the 7-year 2.80% Jun-29 BTP (ISIN: IT0005495731) but we have less conviction of which 15-50-year BTP will be on offer. Details will be announced later today.
  • Germany will return to the market on Wednesday to reopen the 0% Aug-52 Bund (ISIN: DE0001102572) for E1.5bln.

NET NOMINAL FLOWS: The week ahead sees redemptions of E28.7bln – largely from a E13.4bln 3-year BTP and E15.3bln from a formerly 10-year DSL. In addition there are E2.6bln of coupon payments due (of which Portugal has E1.4bln and Belgium has E0.6nln). Together with estimated gross issuance of E23.7bln, MNI estimates net nominal issuance of negative E7.7bln next week, close to this week’s negative E9.1bln.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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