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EGB Supply For W/C Mar 21, 2022 - Upcoming

EUROZONE ISSUANCE
MNI (London)

Slovakia, Belgium, the EU, the Netherlands and Germany have already sold bonds this week for E22.2bln. Italy remains due to sell bonds this week and we pencil in an estimated further E8.5bln. This would raise an estimated E30.7bln of gross nominal issuance, broadly in line with last week's E30.9bln.

  • Italy will come to the market in the "near future" for the syndicated launch of the new Oct-30 CCTeu. We pencil in a syndication size of E4-6bln.
  • On Friday Italy will conclude Eurozone bond issuance for the week. On offer will be E1.5-2.0bln of the 0% Nov-23 BTP Short Term and E1.0-1.5bln of the 0.10% May-33 BTPei.

NET NOMINAL FLOWS: This week sees redemptions from Latvia, Lithuania, Luxembourg and Slovenia totalling E2.9bln, and coupons payments of E0.8bln. With estimated gross nominal issuance of E30.7bln, net flows for this week are estimated at positive E27.0bln (following negative flows of positive E19.2bln 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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