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

EUROZONE ISSUANCE
  • On Thursday, Italy sold E7.0bln of on-the-run 3/7/15-year BTPs, the top of the target range. On offer will be E3.25bln of the 3-year 1.20% Aug-25 BTP (ISIN: IT0005493298), E2.5bln of the 7-year 2.80% Jun-29 BTP (ISIN: IT0005495731) and E1.25bln of the 15-year 3.25% Mar-38 BTP (ISIN: IT0005496770).
  • Germany then concluded EGB issuance for the week by reopening the 0% Aug-52 Bund (ISIN: DE0001102572) for E1.5bln (E1.32bln allotted).

NET NOMINAL FLOWS: This week saw 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 (of which Portugal has E1.4bln and Belgium has E0.6nln). Together with estimated gross issuance of E24.5bln, MNI estimates net nominal issuance of negative E6.9bln this week, close to last week’s negative E6.0bln.

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

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