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EGB Supply For W/C Nov 1, 2021 (2/2)

EUROZONE ISSUANCE
  • On Thursday, Spain cames to market, to sell E4.321bln of nominal 7/10/25-year Oblis against a target of E3.5-4.5bln (E1.991bln of the 0% Jan-28 Obli, E1.324bln of the 0.50% Oct-31 Obli and E1.006bln of the 2.90% Oct-46 Obli) as well as E700mln of the 1.00% Nov-30 Obli-Ei against a target of E500-1.0bln.
  • France concluded issuance for the week, selling E9.493bln of LT/Green OATs against a E9-10bln combined target: E6.250bln of the 0.00% Nov-31 OAT, E1.659bln of the 0.75% May-53 OAT and E1.584bln of the 1.75% Jun-39 Green OAT.
  • Also on Thursday, Italy came held a buyback for E5bln. The following bonds are eligible: E0.961bln of the 5.50% Nov-22 BTP, E0.525bln of the Jul-23 CCTeu, E1.875bln of the 0% Jan-24 BTP, E0.526bln of the 1.85% May-24 BTP, E0.928bln of the 1.75% Jul-24 BTP and E0.185bln of the 2.50% Nov-25 BTP.

NET NOMINAL FLOWS: There were redemptions of E34.8bln this week: E20.9bln of a Spanish Bono with an original maturity of 3-years and E13.9bln of an Italian BTP with an original maturity of 5-years. Furthermore there were also E11.6bln of coupon payments due (mostly Spanish and Italian). With E20.0bln of gross nominal issuance and a E5bln Italian buyback, net nominal flows for the week were negative E31.4bln vs last week's negative E27.2bln.

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

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