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EGB Supply Recap For W/C Sep 21

EUROZONE ISSUANCE
Germany, Italy, the Netherlands, Belgium and Slovakia will issue bonds in the W/C Sep 21. We estimate supply of E20.8bn compared to E19.5bn the previous week
  • RECAP: Slovakia tapped the 0% Jun-24 SlovGB, 0.75% Apr-30 SlovGB, 1.00% Oct-30 SlovGB and the 2.00% Oct-47 SlovGB for a combined E0.5bn on Monday. Belgium followed with a sale of the 0.80% Jun-25 OLO, 1.00% Jun-31 OLO, and the 1.25% Apr-33 OLO for E2.0bn.
  • ISSUANCE: Germany comes to market on Tuesday to re-open the 0% Sep-22 Schatz with E5bn on offer. The Netherlands will then issue a new 0% Jan-52 DSL via a Dutch Direct Auction (DDA). Germany returns for a second time on Wednesday to auction E3.5bn of the 0% May-35 bund. Italy will conclude issuance for the week with a sale of CTZ/BTPEi on Thursday.
  • CASH FLOWS: E0.8bn in redemptions and E0.2bn in coupon payments will leave net cash flows at E19.7bn for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix: https://emedia.marketnews.com/cfm210920gfds.pdf

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