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EGB Supply: W/C 26 February, 2024 (2/2)

EUROZONE ISSUANCE
  • On Friday, Belgium will come to the market to hold an ORI operation. There will likely be two off-the-run OLOs on offer for a combined E500mln. Details will be announced on Thursday.
  • Note that subscriptions for the next retail-only Belgium State Bonds (Bons d’Etat) opened on Thursday 22 February.
  • Italy is due to launch a new retail-only 6-year Mar-30 BTP Valore (ISIN: IT0005583478) with books opening on Monday.

The week ahead sees large redemptions totalling E53.4bln, most notably E31.0bln from a formerly 3-year OAT and E22.1bln from a formerly 10-year BTP. Coupons for the week sum to E12.1bln including E8.6bln from Italy and E3.3bln from France. This leaves estimated net flows for the week at negative E51.0bln versus positive E19.7bln this week.

For the full MNI EGB Issuance, Redemption and Cash Flow Matrix see the full PDF here.

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