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EGB Supply For W/C May 9, 2022 (2/2)

EUROZONE ISSUANCE
MNI (London)
  • On Wednesday, Germany will return to the market with E4bln of the 10-year 0% Feb-32 Bund (ISIN: DE0001102580) on offer.
  • Portugal will hold an OT auction on Wednesday, with E500-750mln of the 0.475% Oct-30 OT (ISIN: PTOTELOE0028) on offer.
  • Italy will then sell 3/7/15-50-year BTPs on Thursday. Details will be announced on Monday. We look for the 1.20% Aug-25 BTP (ISIN: IT0005493298) to be reopened with a new Jun-29 BTP to be launched. We don't have a high conviction on what 15-50-year BTP will be reopened.
  • Ireland will also come to the market on Thursday, concluding Eurozone issuance for the week, with details also to be announced on Monday.

NET NOMINAL FLOWS: There are no redemptions in the week ahead and only negligible coupon payments. This leaves estimated net flows for the week at positive E27.8bln (up from negative E10.4bln 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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