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EGB Supply W/C 23 Jan, 2023 (2/2)

EUROZONE ISSUANCE
  • In terms of auctions, the Netherlands will kick off the week tomorrow with E1.5-2.0bln of the 2.00% Jan-54 DSL (ISIN: NL00150012X2) on offer. This will be the first reopening of the 30-year DSL since it was launched via DDA in September.
  • Also Tuesday, Germany will come to the market with E1.5bln of the 0% Oct-25 Green Bobl (ISIN: DE0001030716) on offer. Note that the issue has a residual maturity of around 3-years and marks the first of 5 green auctions in 2023 (with 2 green syndications due too). Germany plans to sell E15-17bln of green securities this year.
  • Germany will return to the market on Wednesday with E1.5bln of the 15-year 1.00% May-38 Bund (ISIN: DE0001102598) on offer.
  • Italy will conclude issuance for the week on Thursday with the its BTP Short Term / BTPei auction. We would expect a new BTP Short Term to be launched, probably with a Nov-24 maturity, but we have less conviction surrounding the BTPei that will be on offer. The bonds on offer will be confirmed this afternoon.

NET NOMINAL FLOWS: The upcoming week sees no redemptions and coupons of just E0.5bln. With gross nominal issuance of E32.3bln we look for net flows of positive E31.8bln this week, more than reversing last week’s negative -E6.8bln of net issuance.

For more on next week's issuance and a review of this week's auctions see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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  • In terms of auctions, the Netherlands will kick off the week tomorrow with E1.5-2.0bln of the 2.00% Jan-54 DSL (ISIN: NL00150012X2) on offer. This will be the first reopening of the 30-year DSL since it was launched via DDA in September.
  • Also Tuesday, Germany will come to the market with E1.5bln of the 0% Oct-25 Green Bobl (ISIN: DE0001030716) on offer. Note that the issue has a residual maturity of around 3-years and marks the first of 5 green auctions in 2023 (with 2 green syndications due too). Germany plans to sell E15-17bln of green securities this year.
  • Germany will return to the market on Wednesday with E1.5bln of the 15-year 1.00% May-38 Bund (ISIN: DE0001102598) on offer.
  • Italy will conclude issuance for the week on Thursday with the its BTP Short Term / BTPei auction. We would expect a new BTP Short Term to be launched, probably with a Nov-24 maturity, but we have less conviction surrounding the BTPei that will be on offer. The bonds on offer will be confirmed this afternoon.

NET NOMINAL FLOWS: The upcoming week sees no redemptions and coupons of just E0.5bln. With gross nominal issuance of E32.3bln we look for net flows of positive E31.8bln this week, more than reversing last week’s negative -E6.8bln of net issuance.

For more on next week's issuance and a review of this week's auctions see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.