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EGB Supply W/C 7 November, 2022 - Upcoming (2/2)

EUROZONE ISSUANCE
  • Germany will return to the market on Wednesday to reopen E4bln of the 1.70% Aug-32 Bund (ISIN: DE0001102606).
  • Italy will conclude issuance for the week with a BTP auction. Details will be announced on Tuesday. We expect the 3-year 3.50% Jan-26 BTP (ISIN: IT0005514473) will be reopened and a new 7-year Dec-29 BTP will be launched. We have less conviction on the 15-50-year BTPs on offer.

NET NOMINAL FLOWS: The upcoming week will see no redemptions and coupons of just E0.1bln. With estimated gross issuance of E22.1bln, MNI estimates net nominal issuance of positive E22.0bln in the week ahead, up from this week’s negative E38.1bln.


For more on next week's issuance and a recap of this week's issuance see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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