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EGB Supply For W/C Nov 23

EUROZONE ISSUANCE

Italy, the Netherlands, Belgium and EC will issue government bonds in the W/C Nov 23. We estimate supply of E20.7bn (from an initial estimate of E12.7bn) compared to E25.9bn the previous week.

  • RECAP: 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 sold E1.64bn of the 0% Jan-27 DSL. The EC also placed EUR8.5bn of a new 0% Jul-35 bond. Italy sold the 0.10% May-23 BTPEi and the Sep-22 CTZ on Wednesday for a combined E3.25bn.
  • ISSUANCE: Italy returns for a second time on Friday to auction the 0.50% Feb-26 BTP, 0.90% Oct-31 BTP and the Apr-26 CCTeu for a combined E6.5-8.0bn.
  • CASH FLOWS: E36.0bn in redemptions and E2.3bn in coupon payment will leave net cash flows at E-17.6bn for the week. ** For further details (including our initial supply estimate for the week) please see

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