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EGB Supply For W/C June 6, 2022

EUROZONE ISSUANCE
MNI (London)
Austria, Germany and Portugal are due to sell bonds next week. We look for estimated gross nominal issuance of E6.8bln (excluding any unconfirmed syndications), down from the E31.8bln sold this week.
  • Austria will kick off issuance for the week on Tuesday with E1.38bln of 5/10-year RAGBs. On offer will be the 0.50% Apr27 RAGB (ISIN: AT0000A1VGK0) and the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8).
  • Germany will then look to sell E700mln of ILBs: E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575) and E500mln of the 0.10% Apr-26 ILB (ISIN: DE0001030567) will be on offer.
  • Germany will return to the market on Wednesday with E4bln of the 0% Feb-32 Bund on offer (ISIN: DE0001102580).
  • Also Wednesday, Portugal will look to sell E500-750mln of the 0.30% Oct-31 OT (ISIN: PTOTEOOE0033), concluding Eurozone issuance for the week.

NET NOMINAL FLOWS: A E15.0bln German Schatz is the only redemption due next week and there are no coupon payments due. This leaves estimated net flows for the week at negative E8.2bln (down from the positive 12.4bln this week).

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

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