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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessEGB Supply - W/C 29 January (3/3)
Possible syndications:
- Belgium: We pencil in a second Belgian syndication of 2024 this week. The most likely new issue in our view is probably a new 30-year OLO. The BDA has also noted that it plans for one new medium-term OLO to be launched in the year which could potentially be launched in this window rather than the 30-year OLO. We see an Oct-30 OLO as the most likely maturity (potentially Oct-29). There is a current coupon gap in the OLO curve around this area.
- Greece will potentially also hold a syndication this week, with a launch of a new 10-year GGB most likely. Issue sizes over past few years have generally been E3.0-3.5bln, but given the strong demand at other EGB syndications recently, we see a chance that this deal is potentially upsized.
NET NOMINAL FLOWS: This week redemptions totalling E32.7bln: E14.9bln from an Italian BTP Short Term, E17.6bln of a formerly 15-year Spanish Obli and E0.25bln from an Italian sinkable private placement as a result of Ammassi Aima. Coupons for the week total E8.8bln: E4.5bln Italian, E3.4bln Spanish and E1.0bln Greek. This leaves estimated net flows for the week at positive E4.9bln, down from E20.8bln last week.
For the full MNI EGB Issuance, Redemption and Cash Flow Matrix see the full PDF here.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.