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EGB Supply For W/C Oct 5

EUROZONE ISSUANCE
Germany, Austria and Ireland will issue government bonds in the W/C Oct 5. The EFSF is also likely to hold an auction. We estimate supply of E9.4bn compared to E29.6bn the previous week.
  • ISSUANCE: Austria will kick off issuance for the week with taps of the 0% Jul-24 RAGB and 0% Feb-30 RAGB for E1.15bn on Tuesday. Germany will then auction the 0.50% Apr-30 BundEi for E0.50bn and the 0.10% Apr-46 BundEi for E0.25bn. The Deutsche Finanzagentur will return for a second time on Wednesday to sell E3bn of the 0% Aug-30 bund. Ireland concludes issuance for the week on Thursday with auction details TBA. The EFSF has sent an RFP which indicates that an auction will be held.
  • CASH FLOWS: E0.1bn in redemptions and coupon payments will lead net cash flows at E9.3bn for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix:
https://emedia.marketnews.com/cfm051020bckj.pdf

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