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EGB Supply For Oct 6-8, 2021

EUROZONE ISSUANCE

Germany, Slovakia, Spain, France and Belgium are all still due to issue bonds this week. We look for a further E21.5bln of gross nominal issuance which would put the weekly total at E25.5bln, slightly up from last week's E22.1bln.

  • Germany will return to the market this morning to sell E4ln of the 0% Oct-26 Bobl.
  • Slovakia is due to come to the market in the "near future" to hold a syndicated launch of a new 30-year SlovGB. We expect the transaction to take place today with a size of E1.0-1.5bln.
  • Tomorrow, Spain will look to sell E4-5bln nominals: the 0% Jan-28 Bono, the 0.50% Oct-31 Obli, the 2.70% Oct-48 Obli and E250-750mln of the 0.70% Nov-33 Obli-Ei.
  • Also tomorrow, France will look to sell E10-11bln of LT OATs: the 2.50% May-30 OAT, the 0% Nov-31 OAT, the 0.75% May-53 OAT and the 1.75% May-66 OAT.
  • Belgium will conclude issuance for the week on Friday with its ORI operation (details will be announced tomorrow afternoon).

NET NOMINAL FLOWS: There will be a single redemption, E21.5bln of the German 0% Oct-21 Bobl. Coupon payments will be minimal (rounding to E0.1bln). With gross nominal issuance of E25.5bln, this leaves our estimate of net nominal cash flows at E3.9bln for the week, down slightly from the E4.9bln seen last week.

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

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