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EGB Supply For W/C July 25, 2022

EUROZONE ISSUANCE

Italy, Germany and the EU are due to sell bonds next week. We look for estimated gross nominal issuance of E16.8bln, down form this week’s E26.3bln sold.

  • Italy will kick off issuance for the week on Tuesday with E2.0-2.5bln of the 1.75% May-24 BTP Short Term (ISIN: IT0005499311) and E0.75-1.25bln of linkers. The linkers on offer will be the 0.10% May-33 BTPei (ISIN: IT0005482994) and the 2.55% Sep-41 BTPei (ISIN: IT0004545890).
  • Germany will come to the market on Wednesday to sell E4bln of the 1.70% Aug-32 Bund (ISIN: DE0001102606).
  • On Thursday, Italy will return to the market to sell 5/10-year BTPs and CCTeus. Details will be announced on Monday but MNI expects reopenings of the 5-year 2.65% Dec-27 BTP (ISIN: IT0005500068), the 2.50% Dec-32 BTP (ISIN: IT0005494239) and the Oct-30 CCTeu (ISIN: IT0005491250).
  • In addition, the EU has stated that it will look to raise E1.035bln via private placement for its MFA programme over coming days.

NET NOMINAL FLOWS: The week ahead sees the redemption of a France OATei originally issued as a long 10-year in 2010 for E24.8bln. In addition there are E6.5bln of coupon payments due – of which E6.1bln are French. Together with estimated gross issuance of E16.8bln, MNI estimates net nominal issuance of negative E14.5bln next week, versus this week’s positive E25.9bln.

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

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