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EGB supply for W/C May 17, 2021 (1/2)

EUROZONE ISSUANCE

The EU, Slovakia, Germany, Spain and France are all due to come to the market this week. We estimate gross net issuance of E43.3bln, up from last week's E18.8bln.

  • Slovakia will kicked off issuance for the week yesterday, selling E529mln of SlovGBs (against a E500mln target): E118.5mln of the 0.25% May-25 SlovGB, E114mln of the 1.00% Oct-30 SlovGB, E167mln of the 1.00% May-32 SlovGB and E129.2mln of the 2.00% Oct-47 SlovGB.
  • The EU will come to the market in the "near future" to hold a dual tranche syndication for its SURE programme. On offer will be a new long 8-year Jul-29 bond and a new long 25-year Jan-47 bond. We look for a transaction size of E11-15bln and for the transaction to take place today.
  • Germany will also come to the market this morning looking to sell E6bln of the new Jun-23 Schatz.
  • Germany will return on Wednesday to sell E4bln of the 0% Feb-31 Bund.
  • The EFSF will hold an auction on Wednesday to reopen its long 4 year 0% Oct-25 bond for E1bln.
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