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EGB Supply W/C 28 November (2/2)

EUROZONE ISSUANCE
  • Germany will conclude November issuance on Wednesday with E3bln of the 1.70% Aug-32 Bund (ISIN: DE0001102606) on offer.
  • Spain will come to the market on Thursday with the 1.45% Oct-27 Obli (ISIN: ES0000012A89), the 0.10% Apr-31 Obli (ISIN: ES0000012H41) and the 0.85% Jul-37 Obli (ISIN: ES0000012I24) on offer. The amount on offer will be confirmed on Monday.
  • France will hold its final OAT auction of the year with a combined E5-6bln on offer of the 0% Nov-31 OAT (ISIN: FR0014002WK3), the 0.50% May-40 OAT (ISIN: FR0013515806), the 3.25% May-45 OAT (ISIN: FR0011461037) and the 0.75% May-52 OAT (ISIN: FR0013480613).

NET NOMINAL FLOWS: The upcoming week will see a E15.1bln redemption of a BTP Short Term and coupon payments of E4.2bln (E2.3bln Spanish and E1.7bln Italian). With estimated gross issuance of E21.8bln, MNI estimates net nominal issuance of positive E0.2bln in the week ahead, up from this week’s negative E5.8bln.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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