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EGB Supply - W/C 5 December, 2022

EUROZONE ISSUANCE

The EU and Germany are the only Eurozone countries due to sell EGBs next week. We look for estimated gross nominal issuance of E11.0bln from announced operations, down from this week’s E22.0bln.

  • The EU will hold its final syndication of the year this week. The are question marks over exactly how large the deal will be given that the EU has already completed it’s E50.0bln planned NGEU funding for 2022 (but there may be more MFA funds for Ukraine).
  • The only EGB auction scheduled for next week is from Germany with E5bln of the 2.20% Dec-24 Schatz (ISIN: DE0001104909) on offer.

NET NOMINAL FLOWS: The upcoming week will see a E1.3bln redemption of a Portuguese FRN and negligible coupon payments. With estimated gross issuance of E11.0bln, MNI estimates net nominal issuance of positive E9.8bln in the week ahead, up from this week’s negative E1.6bln.

For more details see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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