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EGB Supply For W/C Mar 28, 2022 (2/2)

MNI (London)
  • This morning, Italy will come to the market to sell up to E6.5bln of 5/10-year BTPs. It will reopen the 5-year 1.10% Apr-27 BTP (ISIN: IT0005484552 ) for E2.5-3.0bln and the 10-year 0.95% Jun-32 BTP (ISIN: IT0005466013 ) for E3.0-3.5bln. As we had expected, the CCTeu auction is cancelled following the recent syndication.
  • Issuance for the week will conclude on Friday with Belgium holding an ORI facility operation for up to E500mln. Details will be confirmed on tomorrow afternoon.
NET NOMINAL FLOWS: There are two notable upcoming redemptions: a Belgian OLO originally issued as in 2006 with a 15-year maturity for E12.9bln as well as a formerly 5-year Italian BTP for E16.7bln. Coupon payments are expected to come in at E5.1bln (with E4.2bln from Finland). Together with the Portugal buyback, this would leave net estimated net flows for the week at negative E22.6bln (down from positive E31.5bln last week).

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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