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EGB supply for W/C Mar 15, 2021: Upcoming

EUROZONE ISSUANCE

Greece and Spain are still due to come to the market this week with Germany and Germany returning for more sales. We estimate an additional E20.6bln will be sold this week. This would leave estimate nominal gross issuance of E34.0bln for the week, up from the E29.5bln issued last week.

  • Greece has announced a mandate for a new 30-year GGB, maturing January 2052. The transaction will take place in the "near future" (we expect today). Since the bailout, the longest maturity debt Greece has sold to the market has been 15-year GGBs, so this is a significant maturity extension. We expect a transaction size of E1.5-2.0bln (although could potentially see a deal as large as E3.0bln if demand is very strong).
  • Also today, Germany returns to the market to sell E1.5bln of the 0% Aug-50 Bund.
  • Tomorrow, Spain comes to the market to sell E5.5-6.5bln 3/7/30-year Bonos/Oblis. It will launch a new 7-year Bono, the 0% Jan-28 Bono, as well as reopening the 3-year 0% May-24 Bono and the 30-year 1.00% Oct-50 Obli.
  • Also tomorrow, France returns to the market to sell E8.5-9.5bln of 2/5/7-year OATs (the 0% Feb-24 OAT, the 0% Feb-26 OAT and the 0.75% May-28 OAT). In addition France looks to sell E1.5-2.0bln of linkers (the 0.10% Mar-26 OATei, the 0.10% Mar-28 OATi and the 0.70% Jul-30 OATei).
Net nominal flows: There is a E900mln ITALY FRN due to mature this week (originally issued 15-years ago) but there are no other redemptions due. Coupon payments for the week total E2.4bln. With nominal gross issuance of E34.0bln this week, we look for net nominal flows of E30.7bln (up from E15.0bln last week).

For more details and a full calendar of all announced operations see the MNI Eurozone/UK Bond Auction Calendar here.

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