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EGB Supply For W/C Oct 12

EUROZONE ISSUANCE
Germany, France, Italy, Spain, the Netherlands and Portugal will issue bonds in the W/C Oct 12. We estimate supply of E22.5bn (from an initial estimate of E26.2bn) compared to E10.4bn last week.
  • RECAP: The Netherlands was the first to come to market on Tuesday with a sale of the 0% Jan-27 DSL for E2.0bn. Italy sold E7.5bn across the 0.0% Jan-24 BTP, 0.95% Sep-27 BTP and 2.45% Sep-50 BTP.
  • ISSUANCE: On Wednesday Germany will tap the 0% Aug-50 bund for E1bn. Portugal will auction the 2.125% Oct-28 OT and the 4.1% Apr-37 OT for E0.75-1.00bn. Spain and France will hold auctions on Thursday. Spain will sell the 0% Jan-26 bono for E2-3bn. France will then wrap up for the week with a sale of the 0.50% May-25 OAT, 0.0% Feb-26 OAT and the 2.75% Oct-27 OAT for E6.5-7.5bn as well as the 0.70% Jul-30 OATEi and the 0.10% Mar-36 OATi for E0.5-1.0bn.
  • CASH FLOWS: E34.2bn in redemptions and E1.2bn in coupon payments will leave net cash flows at E-12.9bn for the week.
** For further details (including our initial supply estimates for the week) please see https://emedia.marketnews.com/cfm121020fdst.pdf

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