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EGB Supply For W/C Nov 23

EUROZONE ISSUANCE
Italy, the Netherlands and Belgium will issue government bonds in the W/C Nov 23. We estimate supply of E12.7bn compared to E25.9bn the previous week.
  • ISSUANCE: Belgium was the first to come to market with a tap of the 0.80% Jun-25 OLO and the 1.25% Apr-33 OLO on Monday for E1.494bn. On Tuesday the Netherlands will offer EUR1.5-2.5bn of the 0% Jan-27 DSL. Italy will offer E0.75-1.25bn of the 0.10% May-23 BTPEi and E1.5-2.0bn of the Sep-22 CTZ on Wednesday. Italy returns for a second time on Friday to auction M/L-T BTPs with issues details and target volumes TBA.
  • CASH FLOWS: E36.0bn in redemptions and E2.3bn in coupon payment will leave net cash flows at E-25.6bn for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow Matrix

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