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EGB supply for W/C May 10, 2021

EUROZONE ISSUANCE

Germany, the Netherlands, Portugal, Italy and Ireland are all due to come to the market this week. We estimate gross net issuance of E19.0bln, down on last week's E25.6bln.

  • Germany will hold a syndication in the "near future" to launch its new 30-year Green Bund that will mirror the 0% Aug-50 bund. We expect the transaction to take place today and pencil in a size of around E5bln.
  • The Netherlands will this morning look to sell E1.5-2.5bln of the 0% Jul-31 DSL.
  • Tomorrow, Portugal looks to sell E1.00-1.25bln combined of the 10-year 0.30% Oct-31 OT and 15-year 0.90% Oct-35 OT.
  • On Thursday Italy will look to sell up to E9.25bln of BTPs. Most notable will be the launch of the new 7-year BTP, the 0.50% Jul-28 for E4.0-4.5bln. Also on offer will be the 3-year 0% Apr-24 BTP for E2.5-3.0bln and the 30-year 1.70% Sep-51 BTP for E1.25-1.75bln.
  • Finally on Thursday, Ireland will look to sell E1.0-1.5bln of the 0% Oct-31 IGB, 1.30% May-33 IGB and 1.50% May-50 IGB.

NET NOMINAL FLOWS: There are no redemptions due this week and coupon payments are only expected to be E0.1bln. With gross nominal issuance of E19.0bln, we estimate net nominal flows of E18.9bln this week. This is up on the E2.4bln last week while the previous week saw a negative flow of E44.8bln.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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