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EGB Supply - W/C 18 Sep, 2023 (3/3)

EUROZONE ISSUANCE
  • France will then look to hold a MT OAT auction for E10-11bln combined. On offer will be the on-the-run 3-year 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 0.75% May-28 OAT (ISIN: FR0013286192) and the on-the-run 5-year 2.75% Feb-29 OAT (ISIN: FR001400HI98).
  • France will return to the market later on Thursday for a linker auction with E1.25-1.75bln on offer: the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Mar-32 OATi (ISIN: FR0014003N51) and the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0).
  • There are also a number of other countries who could potentially hold syndications in the week: Austria, Greece and Italy are the primary candidates in our view.

NET NOMINAL FLOWS: The week ahead sees no redemptions and coupons of just E0.2bln. This leaves net flows for the week at an estimated positive E23.4bln, versus negative -E19.2bln this week.


For more on this week and next week's supply as well as a recap of last week's issuance see the PDF here.

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