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EGB Supply for W/C Mar 1: Recap

EUROZONE ISSUANCE

Austria, Germany (ILB and 15y Bund) and Italy have already issued bonds this week. A total E13.5bln nominal has been sold so far this week.

  • On Tuesday, Austria kicked off EGB supply for the week selling E1.38bln of 3/10-year RAGBs: E690mln of both the 0% Jul-24 RAGB and the 0% Feb-31 RAGB.
  • Germany also came to the market Tuesday to allot E507mln linkers: E370.25mln of the 0.50% Apr-30 ILB and E137.0mln of the 0.10% Apr-46 ILB. Issuance volumes were E400mln and E200mln respectively with the latter auction technically uncovered.
  • Germany returned to the market yesterday, allotting E2.5395bln of the new 15-year May-36 Bund. Like the 25-year ILB auction, the auction was technically uncovered with an issuance size of E3bln.
  • Italy came to the market yesterday to launch its inaugural BTP Green. E8.5bln was sold and the bond will have a coupon of 1.50% and mature on 30 April 2045. The launch size of E8.5bln was in the middle of our expected range of E7-10bln, but a bit higher than the market had expected.

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