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EGB Supply for W/C Mar 8: Recap

EUROZONE ISSUANCE

The ESM, EU (through its SURE programme), the Netherlands, Germany, Portugal and Latvia have all issued bonds so far this week, selling a total of E19.8bln.

  • The ESM completed its funding for the quarter on Monday by selling E2bln of a new long 5-year 0% Dec-26 bond.
  • The EU issued a new long 15y SURE bond via syndication Tuesday for E9bln (in the middle of our E8-10bln expected range). This bond will mature in June 2036 and has a coupon of 0.20%. in the "near future".
  • Also Tuesday , the Netherlands sold E2.33bln of the 0% Jan-27 DSL (against a target of E1.5-2.5bln).
  • On Wednesday, Germany allotted E3.26bln of the 0% Apr-26 Bobl, with issuance volumes of E4bln.
  • Portugal then sold at the top of its E1.00-1.25bln range with E625mln each of the 0.70% Oct-27 OT and the 0.475% Oct-30 OT sold.
  • Latvia then issued E1.25bln through a syndicated launch of a new 10-year benchmark LATVIA GMTN bond. This was the largest ever Latvian transaction (previously the E1.0bln raised in April 2020 of a 3-year benchmark had been the largest).
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