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EGB Supply: W/C 31 July, 2023 (2/2)

EUROZONE ISSUANCE
  • On Friday, Belgium will hold an ORI operation. We look for the usual up to E500mln size with off-the-run OLOs likely to be on offer.

NET NOMINAL FLOWS: The week ahead sees large redemptions totalling E45.7bln, split between E21.2bln from a formerly 5-year Spanish Bono, E20.5bln from an originally 15-year BTP and E4.0bln of an originally 5-year ESM-bond. Coupon payments for the week total E13.9bln, of which E9.4bln are Austrian and E4.4bln Italian. This leaves net flows for the week at an estimated negative E41.6bln, more negative than the negative E8.4bln this week.

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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