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EGB Supply - W/C 2 Oct, 2023 (3/3)

EUROZONE ISSUANCE
  • Italy will also look to issue a retail-only 5-year BTP Valore through the week (with a maturity of Oct-28). The bond will have a minimum guaranteed coupon of 4.10% for the first three years and 4.50% for the final two years. There will also be a bonus of 0.5% of the invested capital for investors who hold the bond for the entire 5-year period.
  • We expect Portugal will announce its Q4 issuance plans during the week (Italy is likely to publish tonight).
NET NOMINAL FLOWS: The week ahead sees a redemption of E16.0bln from an Italian formerly 5-year BTP with coupons of E0.7bln. This leaves net flows for the week at an estimated positive E8.5bln, down from E25.7bln 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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