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EGB Supply - W/C 12 December, 2022

EUROZONE ISSUANCE

Italy and Belgium are the only countries due to come to the market this week. We look for estimated gross nominal issuance of E7.5bln, down from last week’s E12.0bln.

  • Italy will come to the market this morning with 2/3/7-year BTPs on offer (but no 15+ year BTP). On offer will be E1.0-1.5bln of the off-the-run 0% Dec-24 BTP (ISIN: IT0005474330), E1.5-2.0bln of the on-the-run 3-year 3.50% Jan-26 BTP (ISIN: IT0005514473) and E3.0-3.5bln of the on-the-run 7-year 3.85% Dec-29 BTP (ISIN: IT0005519787). Italy also announced the cancellation of its 28 December BTP Short Term auction and its 29 December MT/LT auction.
  • Belgium will complete 2022 EGB issuance on Friday with an ORI operation (likely for E500mln). The announcement will be made on Thursday.

NET NOMINAL FLOWS: This week will see a E27.7bln of redemptions: E14.0bln of a German Schatz and E13.7bln of an Italian CCTeu. Coupon payments of E0.3bln are expected. With estimated gross issuance of E7.5bln, MNI estimates net nominal issuance of negative E20.4bln this week, down from last week’s positive E10.7bln.

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

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