EGB Supply For W/C Nov 8, 2021 (2/2)

• Tomorrow, Germany will return to the market to reopen the 10-year 0% Aug-31 Bund for E3bln.
• Also tomorrow, Portugal will come to the market to offer a combined E0.75-1.00bln of the 10-year 0.30% Oct-31 OT and the 15-year 4.10% Apr-37 OT.
• Thursday will see Italy come to the market to sell 3/7-year BTPs: E1.5-2.0bln of the 3-year 0% Aug-24 BTP and E3.25-3.75bln of the new 7-year 0.45% Feb-29 BTP. The MEF has confirmed that due to the high cash balance, a longer dated BTP will not be on offer this week.
• Ireland will also come to the market Thursday to sell up to E1bln combined of the 7-year 0.90% May-28 IGB an the 1.35% Mar-31 Green IGB.

NET NOMINAL FLOWS: There are only negligible redemptions and coupons in the upcoming week, so we look for we look for net nominal flows for the week of positive E19.3bln vs last week's negative E31.4bln.

For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document here.