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EGB Supply For W/C July 25, 2022

EUROZONE ISSUANCE

Italy, Germany and the EU are due to sell bonds this week. We look for estimated gross nominal issuance of E16.5bln, down form last week’s E30.8bln sold.

  • Italy kicked off issuance for the week on Tuesday selling E2.5bln (with a further E179mln in the second round) of the 1.75% May-24 BTP Short Term (ISIN: IT0005499311) and E750mln of the 0.10% May-33 BTPei (ISIN: IT0005482994) and E500mln of the 2.55% Sep-41 BTPei (ISIN: IT0004545890).
  • Germany came to the market yesterday to sell E4bln of the 1.70% Aug-32 Bund (ISIN: DE0001102606).
  • This morning, Italy will return to the market to sell 5/10-year BTPs and CCTeus. On offer will be the on-the-run the 5-year 2.65% Dec-27 BTP (ISIN: IT0005500068), the off-the-run 0.95% Jun-32 BTP (ISIN: IT0005466013), the on-the-run 2.50% Dec-32 BTP (ISIN: IT0005494239) and the on-the-run 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 E16.5bln, MNI estimates net nominal issuance of negative E14.8bln this week, versus last week’s positive E30.4bln.

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Italy, Germany and the EU are due to sell bonds this week. We look for estimated gross nominal issuance of E16.5bln, down form last week’s E30.8bln sold.

  • Italy kicked off issuance for the week on Tuesday selling E2.5bln (with a further E179mln in the second round) of the 1.75% May-24 BTP Short Term (ISIN: IT0005499311) and E750mln of the 0.10% May-33 BTPei (ISIN: IT0005482994) and E500mln of the 2.55% Sep-41 BTPei (ISIN: IT0004545890).
  • Germany came to the market yesterday to sell E4bln of the 1.70% Aug-32 Bund (ISIN: DE0001102606).
  • This morning, Italy will return to the market to sell 5/10-year BTPs and CCTeus. On offer will be the on-the-run the 5-year 2.65% Dec-27 BTP (ISIN: IT0005500068), the off-the-run 0.95% Jun-32 BTP (ISIN: IT0005466013), the on-the-run 2.50% Dec-32 BTP (ISIN: IT0005494239) and the on-the-run 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 E16.5bln, MNI estimates net nominal issuance of negative E14.8bln this week, versus last week’s positive E30.4bln.

Keep reading...Show less