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EGB Supply For W/C Nov 16

Germany, France, Spain and Slovakia will issue government bonds in the W/C 16 Nov 2020. We estimate supply of E30.5bn compared to E23.3bn the previous week.
  • RECAP: Slovakia was the first up on Monday with a sale of the 1.00% Jun-28 SlovGB, 1.00% Oct-30 SlovGB, 1.00% May-32 SlovGB and the 2.00% Oct-47 SlovGB for a combined E362mn. On Tuesday Germany allotted E4.125bn of the 0% Dec-22 Schatz. Germany returned for a second time on Wednesday and allotted E2.4285bn of the 0% Aug-30 Bund.
  • ISSUANCE: Spain will come to market on Thursday to sell the 0% Jan-26 Bono and the 0.80% Jul-27 Obli with target volumes for E1.5-2.5bn. France will then sell the 1.75% May-23 OAT, 0% Feb-26 OAT and the 2.75% Oct-27 OAT for E7.5-8.5bn, as well as the 0.10% Mar-26 OATEi, 0.10% Mar-36 OATi and the 0.10% Jul-36 OATEi for E1.0-1.5bn.
  • CASH FLOWS: E0.9bn in coupon payments will leave cash flows at E29.6bn for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix

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