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EGB supply for W/C Mar 15, 2021 (1/2)

EUROZONE ISSUANCE

France, Germany, Spain, Greece, Luxembourg, Finland and Slovakia have all sold bonds this week for a combined total of E37.6bln, up from the E29.5bln issued last week.

  • Slovakia came to the market on Monday to sell E422mln of SlovGBs: E103mln of the 1.00% Jun-28 SlovGB, E110mln of the 0.75% Apr-30 SlovGB, E110mln of the 1.00% May-32 SlovGB and E99mln of the 2.00% Oct-47 SlovGB.
  • France launched its second ever Green OAT via syndication on Tuesday. The Green OAT has a coupon of 0.50% and E7bln of the issue was sold (in line with our expectations). Demand was strong with books of almost E35bln.
  • Germany allotted E3.932bln of the 0% Mar-23 Schatz in a decent auction . The total issuance size was E5bln.
  • Also Tuesday, Finland sold E995mln of RFGBs: E495mln of the 0% Sep-30 RFGB and E500mln of the 0.125% Apr-52 RFGB .
  • Greece came to the market to issue a 30-year GGB on Wednesday for the first time since the financial crisis, launching the 1.875% Jan-52 GGB. Demand was strong with books in excess of E26.1bln and the transaction size was set at E2.5bln.
  • Luxembourg came to the market for the first time this year on Wednesday to sell E2.5bln of the new 0% Mar-31 LGB, the largest ever single-tranche LGB issue. Books closed in excess of E13bln.

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