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EGB supply for W/C Mar 29, 2021

EUROZONE ISSUANCE

Issuance for the week (and Q1) is now complete. The week has seen E12.6bln of gross nominal issuance, down from E28.6bln last week and E41.5bln the prior week.

  • Italy kicked off issuance for the week on Tuesday selling E4.0bln of the 0% Apr-26 BTP, E3.0bln of the 0.60% Aug-31 BTP and E1.5bln of the 0.50% Apr-26 CCTeu. A further E1.534bln was sold in second round operations for the three bonds.
  • Germany came to the market yesterday to allot E2.070bln of the 15-year 0% May-36 Bund with an issuance volume of E2.5bln.

NET NOMINAL FLOWS: There is just one redemption this week, E4.0bln of an EFSF bond which was issued in February 2017. There are E5.2bln of coupon payments due, of which E4.2bln are from Belgium and E0.6bln are Italian. With nominal gross issuance of E12.6bln for the week, net nominal flows are E3.4bln (down from 23.4bln last week).

For a longer term outlook see the MNI EZ/UK Bond Supply Calendar here.

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