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EGB Supply For W/C June 27, 2022 - Bobl Coupon Announced

EUROZONE ISSUANCE
MNI (London)

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

  • The EU will kick off issuance for the week today with up to E2.5bln of the 4-year 0% Jul-26 EU NGEU (ISIN: EU000A3KTGV8) on offer.
  • Tomorrow, Germany will look to launch its new 1.30% Oct-27 Bobl (ISIN: DE0001141869). E4bln will be on offer.
  • 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 this evening.

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 this week at a positive E13.3bln (in line with last 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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