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The Netherlands, Italy, Germany, Spain and France have auctions scheduled this week while the EU has an NGEU syndication scheduled. We look for E36.5bln of gross nominal issuance, up from E12.4bln last week.
- The Netherlands will kick off issuance for the week this morning with E1-2bln of the 30-year 0% Jan-52 DSL on offer.
- Italy will then look to sell up to E5.75bln of on-the-run 3/7/30-year BTPs: E1.5-2.0bln of the 0% Aug-24 BTP, E1.5-2.0bln of the 0.50% Jul-28 BTP and E1.25-1.75bln of the 1.70% Sep-51 BTP.
- Also this morning, Germany will come to the market to sell E5bln of the 0% Sep-23 Schatz.
- Yesterday, the EU confirmed that it will look to launch a new 7-year NGEU bond at its scheduled syndication today. With E35bln to be sold across three syndications and three auctions through the remainder of 2021, we look for a slightly smaller syndication than those seen before the summer and pencil in an E7.5-12bln size.