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EGB Supply For W/C Oct 25, 2021

EUROZONE ISSUANCE

The EU, the Netherlands, Italy, Germany and potentially Portugal will issue bonds next week. We estimate gross nominal issuance for the week at E19.8bln, down from this week's E24.3bln.

  • The EU is due to kick off issuance for the week on Monday with up to E2.5bln of the 7-year 0% Oct-28 EU-bond on offer.
  • The Netherlands will come to the market Tuesday to sell E1.5-2.5bln of the 10-year 0% Jul-31 DSL.
  • Italy will then look to sell E1.75-2.25bln of the 0% Jan-24 BTP Short Term and E500-750mln of the 30-year 0.15% May-51 BTPei.
  • Also Tuesday, Germany will offer E3bln of the 7-year 0% Nov-28 Bund.
  • On Wednesday, Germany will return to the market to offer E2bln of the 15-year 0% May-36 Bund.
  • Portugal could potentially hold an auction or exchange auction on Wednesday.
  • On Thursday, Italy looks to conclude issuance for the week with MT/LT bonds on offer. Details will be announced Monday.

NET NOMINAL FLOWS: There is a E37.0bln French redemption due of a former 10-year OAT while French coupons account for most of the E11.0bln of coupon payments due next week. With E19.8bln of estimated gross nominal issuance, we look for net nominal flows for the week of negative E28.1bln, more than reversing this week's positive E22.5bln flow.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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