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EGB Supply - W/C 25 Sep, 2023 (2/2)

EUROZONE ISSUANCE
  • Germany will return to the market on Wednesday with E4bln of the 10-year 2.60% Aug-33 Bund (ISIN: DE000BU2Z015) on offer.
  • On Thursday, Italy will look to hold a 5/10-year BTP / CCTeu auction. We look for a new 5-year BTP to be launched and pencil in a E4.0bln auction size with a potential maturity date of Dec-28. We also look for a reopening of the on-the-run 10-year 4.20% Mar-34 BTP (ISIN: IT0005560948) alongside another similar maturity off-the-run BTP. We have less conviction on which CCTeu will be on offer this month. Details will be announced on Monday.
  • We also pencil in a Spain syndication in the week ahead – for more details see the PDF.
  • There are also a number of other countries who could potentially hold syndications in the week: Austria and Greece are the primary candidates in our view.

NET NOMINAL FLOWS: The week ahead sees redemptions of USD3.5bln from an Italian formerly 30-year USD bond with coupons of E1.4bln. This leaves net flows for the week at an estimated positive E30.5bln.

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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