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EGB supply for W/C Mar 22, 2021: Upcoming

EUROZONE ISSUANCE

Italy is due to hold an auction today. We estimate a further E5.25bln nominal will be sold, which would leave nominal gross issuance for the week at E27.0bln, down from a total of E37.6bln issued this week.

  • Italy will conclude issuance for the week this morning with the new BTP Short Term due to be launched. This will replace the CTZ and the MEF has announced that there will be no further CTZ issuance via auctions. E3.5-4.0bln of the 0% Nov-22 BTP Short Term will be on offer alongside E0.75-1.25bln of the 0.40% May-30 BTPei.
Net nominal flows: There are E4.8bln of redemptions due this week: E1.8bln of an EU FRN, E2bln of an ITALY EMTN and E1bln of a Slovakia international bond. Coupons total E0.8bln. With nominal gross issuance of E27.0bln for the week, we look for net nominal flows of E21.4bln (down from E34.3bln 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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