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EGB Supply For W/C June 27, 2022

EUROZONE ISSUANCE

The EU, Germany, and Italy are due to sell bonds next week. We look for estimated gross nominal issuance of E14.5bln, down from the E17.7bln (ex retail BTP Italia) sold this week.

  • The EU will kick off issuance for the week on Monday with up to E2.5bln of the 4-year 0% Jul-26 EU NGEU (ISIN: EU000A3KTGV8) on offer.
  • On Tuesday, Germany will look to launch its new Oct-27 Bobl (ISIN: DE0001141869). E4bln will be on offer with the coupon to be announced on Monday morning.
  • On Thursday, Italy will look to sell 5/10-year BTPs and CCTeu. MNI expects reopenings of the 5-year 1.10% Apr-27 BTP (ISIN: IT0005484552), the 2.50% Dec-32 BTP (ISIN: IT0005494239) and the Oct-30 CCTeu (ISIN: IT0005491250). Details will be announced Monday.

NET NOMINAL FLOWS: There is only a negligible redemption of E0.1bln with coupon payments of E1.1bln due. Together with estimated gross nominal issuance of E14.5bln, this leaves estimated net flows for the week at positive E13.3bln (in line with this week’s positive E13.5bln ex BTP Italia retail).

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

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