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EGB Supply For W/C Nov 8, 2021 (1/2)

EUROZONE ISSUANCE

The Netherlands, Germany, Portugal, Italy and Ireland have all held auctions this week. MNI estimates gross issuance for the week at E18.6bln (before second round results and excluding the retail only BTP Futura). Last week E20.0bln was raised through first round operations, E23.5bln including second rounds.

  • The Netherlands kicked off issuance for the week Tuesday morning with the first reopening of the 0% Jan-38 DSL via auction, after its syndicated launch in April. E1.835bln was sold from a E1.5-2.5bln target range.
  • Also Tuesday morning, Germany launched a new Schatz which matures in Dec-23 and has a coupon of 0%. E4.777bln was allotted from an issuance volume of E6bln.
  • On Wednesday, Germany returned to the market to reopen the 10-year 0% Aug-31 Bund. E2.462bln was allotted with issuance volumes of E3bln in a weak auction that was not fully covered.
  • Also Wednesday, Portugal came to the market to sell a combined E1.00bln of 10/15-year OTs (the top of the target range): E686mln of the 0.30% Oct-31 OT and E314mln of the 4.10% Apr-37 OT.

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