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EGB Supply For W/C May 30, 2022 (1/2)

EUROZONE ISSUANCE

Italy, Germany, Spain, France and Belgium are due to sell bonds next week. We look for estimated gross nominal issuance of E26.8bln (excluding any unconfirmed syndications), down from the E31.8bln sold this week.

  • Greece will kick off issuance for the week on Monday with an extraordinary auction of 15/20-year GGBs “to provide additional liquidity”. On offer will be up to E250mln of the 4.00% Jan-37 GGB (ISIN: GR0133011248) and up to E150mln of the 4.20% Jan-42 GGB (ISIN: GR0138015814).
  • On Tuesday, Italy will look to sell on-the-run 5/10-year BTPs and the CCTeu. On offer will be E2.5-3.0bln of the 1.10% Apr-27 BTP (ISIN: IT0005484552), E2.0-2.5bln of the 2.50% Dec-32 BTP (ISIN: IT0005494239) and E1.0-1.25bln of the 0.75% Oct-30 CCTeu (ISIN: IT0005491250).
  • Germany will then come to the market to conclude May issuance with E3bln of the 0% Apr-27 Bobl on offer (ISIN: DE0001141851).

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