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EGB Supply - W/C 10 June, 2024

EUROZONE ISSUANCE

The EU has a scheduled syndication while the Netherlands, Finland, Germany and Italy all look to hold auctions in the upcoming week. We pencil in estimated gross issuance for the week at E23.3bln, down from E31.3bln this week.

  • The EU will look to issue an EU-bond via syndication next week. We pencil in a Tuesday transaction with a new conventional 15-year EU-bond on offer.
  • The Netherlands also on Tuesday will look to hold an auction selling E1.5-2.0bln of the 10-year on-the-run 2.50% Jul-34 DSL (ISIN: NL0015001XZ6).
  • Finland will look to come to the market on Tuesday to sell a combined up to E1.5bln of the on-the-run 10/30-year RFGBs: the 3.00% Sep-34 RFGB (ISIN: FI4000571104) and the 2.95% Apr-55 RFGB (ISIN: FI4000566294).
  • Germany, on Wednesday, will look to sell E4bln of the 2.20% Feb-34 Bund (ISIN: DE000BU2Z023).
  • Italy will conclude the week on Thursday by holding a 3/7/15+-year BTP auction. We expect a new 3-year BTP maturing 15 July 2027 to be launched alongside a reopening of the 7-year 3.45% Jul-31 BTP (ISIN: IT0005595803) which was launched in May. We don’t have a strong conviction surrounding the 15-50-year BTPs that will be on offer.

NET NOMINAL FLOWS: The upcoming week sees a single redemption of E17.0bln from a Schatz. Coupon payments for the week are E0.8bln, of which E0.5bln are German and E0.2bln are Slovakian. This leaves estimated net flows for the week at positive E5.4bln down from positive E24.9bln this week.

For a recap of this week's issuance and more details on the next two weeks see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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