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EGB Supply for W/C September 19, 2022

EUROZONE ISSUANCE

The ESM, Spain, Italy, Finland and Germany all still look to come to the market this week, with a potential for a Slovenian syndication too. Slovakia have already held an auction this week. We look for gross nominal issuance of E13.9bln from announced operations, down significantly from last week’s E47.4bln.

  • The ESM has issued a mandate for a syndicated tap of the 1.00% Sep-25 bond with a transaction size of E2bln WNG. The transaction will take place in the “near future”, we expect it to take place today.
  • Spain has also issued a mandated for a syndication. It will issue a new 20-year July-43 Obli. Again, we expect this transaction to take place today and look for a size of E5-7bln.
  • Italy will hold an exchange auction this morning for up to E2bln. The MEF looks to sell the 0.90% Apr-31 BTP (ISIN: IT0005422891) and the 5.00% Aug-39 BTP (ISIN: IT0004286966). The MEF will buyback the 0% Jul-23 CCTeu (ISIN: IT0005185456), the 0% Nov-23 BTP Short Term (ISIN: IT0005482309), the 0% Dec-23 CCTeu (ISIN: IT0005399230) and the 0% Jan-24 BTP (ISIN: IT0005424251).
  • This morning, Finland will hold an auction to issue up to E1.5bln of the 10-year 1.50% Sep-32 RFGB (ISIN: FI4000523238)
  • On Wednesday, Germany will look to sell E4bln of the 10-year 1.70% Aug-32 Bund (ISIN: DE0001102606).
For a recap of this week's issuance so far and for details on projected net cash flows see the PDF here:

EZ220920.pdf

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

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