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EGB Supply W/C 26 June, 2023 (2/2)

EUROZONE ISSUANCE
  • On Friday, Italy will look to conclude H1 issuance with a 5/10-year BTP / CCTeu auction. We look for a reopening of the 5-year 3.80% Aug-28 BTP (ISIN: IT0005548315) alongside the 10-year 4.35% Nov-33 BTP (ISIN: IT0005544082). We have less conviction surrounding the CCTeu. The on-the-run 0.80% Oct-28 CCTeu (ISIN: IT0005534984) has been on offer at the previous two auctions, so there is a chance that a different CCTeu is reopened at this auction. Details will be announced later today.
  • Germany will hold a press conference to discuss its Q3 issuance plans at 10:00BST / 11:00CET on Tuesday 27 June while the EU will hold an investor call on Wednesday 28 June to present its H2 issuance plans (although note that it has previously published these plans ahead of the call. Italy is also likely to publish its Q3 issuance plans while Finland will either outline its Q3 issuance plans this week or next.

NET NOMINAL FLOWS: The upcoming week sees redemptions of E0.2bln and coupons of E1.0bln, leaving estimated net flows of positive E17.6bln in the week, from negative E5.3bln last week.

For more on this week's supply, a recap of last week's issuance and a look ahead to next week see the PDF here.

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