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EGB Supply: W/C 11 Sep, 2023 (2/3)

EUROZONE ISSUANCE
  • On Wednesday, Italy will hold a 3/7/15-50-year BTP auction. We pencil in a E3.0bln reopening of the 3-year 3.85% Sep-26 BTP (ISIN: IT0005556011), the launch of a new 7-year Nov-30 BTP for E3.75bln alongside around E2.5bln of 15+ year BTPs (although there is a chance that the 15+ year auction is cancelled if there is a syndication ahead of this auction).
  • Also Wednesday, Germany will look to hold a 30-year Bund auction. On offer will be E1.0bln of the 0% Aug-52 Bund (ISIN: DE0001102572) alongside E1.5bln of the 30-year 1.80% Aug-53 Bund (ISIN: DE0001102614).
  • Finally on Wednesday, Portugal will look to sell a combined E0.75-1.00bln of 10/12-year OTs. On offer will be the 1.65% Jul-32 OT (ISIN: PTOTEYOE0031) and the 0.90% Oct-35 OT (ISIN: PTOTENOE0034).

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