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EGB Supply For W/C Sep 27, 2021

EUROZONE ISSUANCE

The EU, Belgium, the Netherlands, Italy and Germany are all due to come to the market this week. We look for gross nominal issuance of E21.3bln this week, up from E10.3bln last week.

  • The EU will kick off issuance this morning with its inaugural bond auction (rather than syndication). On offer will be E2.0-2.5bln of the 0% Jul-26 EU NGEU.
  • Belgium will also come to the market today, looking to sell E3.0-3.5bln of 10/15/30-year OLOs: the 0% Oct-31 OLO, the 1.45% Jun-37 OLO and the 1.70% Jun-50 OLO.
  • The Netherlands will come to the market tomorrow to launch its new 7-year 0% Jan-29 DSL via conventional auction with E3-5bln on offer.
  • Italy will look to sell up to E6.25bln BTP/CCTeu on Wednesday: E1.5-2.0bln of the 0% Aug-26 BTP, E2.0-2.5bln of the 0.95% Dec-31 BTP and E1.25-1.75bln of the 0.50% Apr-26 CCTeu.
  • Germany will look to round off issuance for the month with E4bln of the 10-year 0% Aug-31 Bund on offer.

NET NOMINAL FLOWS: There is a single redemption this week: E15.2bln of the 4.25% Sep-21 Belgian OLO which originally had a 10-year maturity. There are also E2.0bln of coupon payments (of which E1.3bln are Belgian). With estimated gross nominal issuance of E18.0bln, we look for net nominal issuance of E4.1bln (a little below the E5.0bln 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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