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EGB Supply for W/C Mar 8 (1/2)

EUROZONE ISSUANCE

The ESM and EU (through its SURE programme) have both issued RFPs regarding issuance this week, so we expect syndications from both. The Netherlands, Germany, Portugal, Ireland and Italy are all due to hold auctions. Assuming the EU SURE syndication is a dual tranche, we look for issuance in the region of E32.5bln this week, a little higher than the E30.9bln issued last week.

  • We expect the ESM to hold its syndication today. Its funding needs are E2bln for the quarter and we expect the syndication to be set at E2bln as a result.
  • For the EU SURE programme, normally a mandate is announced on Monday with the transaction taking place on Tuesday. We note that in its last investor update, the EU stated that it aimed to raise up to another E20bln this quarter, so we could well see a dual tranche transaction this week and then a further single tranche transaction towards the end of the month.
  • Tomorrow, the Netherlands looks to sell E1.5-2.5bln of the 0% Jan-27 DSL.
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