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EGB Supply: W/C 24 July, 2023 (2/2)

EUROZONE ISSUANCE
  • Italy will return to the market on Thursday to hold a 5/10-year BTP and CCTeu auction. We look for a reopening of the 5-year 3.80% Aug-28 BTP (ISIN: IT0005548315) for E2.5-3.0bln. We also look for a reopening of the 10-year 4.35% Nov-33 BTP (ISIN: IT0005544082) – the size of this is a little less certain in our view as it partly depends on whether the MEF choose to issue another off-the-run 10-year BTP alongside it – something that was done in both May and June. In terms of the CCTeu on offer, we pencil in a reopening of the 0.80% Oct-28 CCTeu (ISIN: IT0005534984) for E1.0-1.5bln. Details will be announced later today.

NET NOMINAL FLOWS: This week sees redemptions totalling E24.1bln, the majority of which come from a French formerly 15-year OATi, while coupons will total E6.8bln (of which E6.5bln are French). This leaves estimated net flows of negative E10.7bln in the week, a bit closer to neutral versus the negative E16.7bln last 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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