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EGB Supply W/C 19 June, 2023 (2/2)

EUROZONE ISSUANCE
  • On Wednesday, Greece will hold a GGB auction, with the bonds on offer to be confirmed tomorrow.
  • Also on Wednesday, Germany will return to the market to sell E1.0bln of the 0% Aug-50 Bund (ISIN: DE0001102481) and E1.5bln of the 0% Aug-52 Bund (ISIN: DE0001102572).
  • In addition to these auctions, we are likely to receive H2 funding plans from the EU and Q3 funding plans from Germany and the Netherlands.

NET NOMINAL FLOWS: The week sees redemptions totalling E12.8bln (mainly a E12.7bln formerly 10-year Belgian OLO) while coupons for the week are expected to be E5.1bln (of which E4.2bln are Finnish). With estimated nominal issuance of E12.4bln, this would leave estimated net flows of negative E5.5bln for the week, down from positive E18.2bln last week.

For more on this week's supply, a recap of last week's issuance and a look ahead to next week see the PDF here

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