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EGB Supply: W/C 18 March, 2024 (3/3)

EUROZONE ISSUANCE
  • France will conclude the day’s issuance with an IL OAT auction for E1.5-2.0bln. On offer will be the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 1.80% Jul-40 OATei (ISIN: FR0010447367) and the 0.10% Mar-36 OATi (ISIN: FR0013524014).
  • Italy will come to the market on Friday to conclude issuance for the week with a BTP Short Term / BTPei auction. We expect a reopening of the 3.20% Jan-26 BTP Short Term (ISIN: IT0005584302) which was launched in February but don’t have a strong conviction regarding the BTPei on offer. Details will be announced tomorrow.
  • Calendar Updates:
    • Germany will confirm its Q2 issuance calendar tomorrow at 10:00GMT / 11:00CET.
    • The Netherlands will publish its Q2 outlook and calendar on Friday.
NET NOMINAL FLOWS: The week ahead sees redemptions of E9.3bln: E8.0bln from a 10-year IGB, and E1.3bln of two 12-year GGBs, of which 0.2bln were held by the ECB. Coupon payments will be E0.9bln (of which E0.4bln are Irish bonds and E0.3bln are Greek). This leaves estimated net flows for the week at positive E32.1bln versus negative E1.6bln last week.
For more see the full including an overview of the next 2 weeks of issuance, a recap of last week's issuance and tables showing cash flows over the upcoming weeks, see the PDF here:

EZ240318.pdf



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