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

EUROZONE ISSUANCE
  • On Wednesday, Germany looks to re-open the 0% Apr-26 Bobl for E4bln.
  • Also Wednesday, Portugal looks to sell E1.00-1.5bln of 7/10-year OTs. On offer will be the 0.70% Oct-27 OT and the 0.475% Oct-30 OT.
  • On Thursday Ireland will hold a bond auction, with the bond and amount to be confirmed on Monday.
  • Also Thursday Italy will sell M/T and L/T BTPs with details to be announced Monday.
Net Flows: There are E14.3bln of redemptions due next week, E13.0bln of which will be Schatz on the Friday (so will settle the following week). Coupon payments are minimal at E0.3bln. With the E32.5bln of estimated nominal gross issuance for the week, we estimate net cash flows of E17.9bln, almost the mirror image of this week's E-16.4bln flows.

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