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Free AccessEGB Supply For W/C Nov 8, 2021: Upcoming
Italy and Ireland are both still due to issue bonds today. MNI estimates gross issuance for the week at E18.6bln (excluding the retail only BTP Futura), down from last week's E20.0bln.
- This morning 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 today to sell up to E1bln combined of the 7-year 0.90% May-28 IGB an the 1.35% Mar-31 Green IGB.
- Italy will launch its fifth BTP Futura this week to retail only clients with a 12-year maturity (Nov-33). Books opened Monday and close lunchtime Friday (with the potential to close from Wednesday onwards if demand is high). As of yesterday's close, books totalled E2.67bln through the first three days: E957.8mln on day 1, E1,008.7mln on day 2 and E703.9mln on day 3. Books are much smaller at this stage than the previous BTP Futuras which have all seen books end over E5bln.
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 E18.6bln vs last week's negative E31.4bln.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.