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EGB Supply for W/C Mar 8: Upcoming

EUROZONE ISSUANCE

Ireland and Italy are both due to hold auctions today. We look for nominal issuance in the region of E29.3bln this week, a little lower than the E30.9bln issued last week.

  • Ireland looks to sell E1.0-1.5bln of 10/30-year IGBs: namely the 0% Oct-31 IGB and the 1.50% May-50 IGB
  • Italy will conclude issuance for the week this morning, looking to sell up to E8bln of BTPs: the new 3-year 0% Apr-24 BTP for E4.5-5.0bln and the 7-year 0.25% Mar-28 BTP for E2.5-3.0bln.
Net Flows: There are E14.3bln of redemptions due this week, E13.0bln of which will be Schatz tomorrow (so will settle the next week). Coupon payments are minimal at E0.3bln. With the E29.3bln of nominal gross issuance for the week, we estimate net nominal flows of E14.7bln, against last week's E-16.4bln flows.

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