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EGB Supply: W/C 19 February, 2024 (2/2)

EUROZONE ISSUANCE
  • The Netherlands, Germany, Italy and Belgium are all due to issue in the week ahead. We pencil in estimated gross issuance for the week at E14.5bln, down from E28.6bln this week.
  • The week ahead sees large redemptions totalling E53.4bln, most notably E31.0bln from a formerly 3-year OAT and E22.1bln from a formerly 10-year BTP.
  • Coupons for the week sum to E12.1bln including E8.6bln from Italy and E3.3bln from France.
  • This leaves estimated net flows for the week at negative E51.0bln versus positive E19.7bln this week.

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