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EGB Supply: W/C 8 April 2024 (2/2)

EUROZONE ISSUANCE
  • On Wednesday, Germany will look to sell E2.5bln of the new May-41 Bund (ISIN: DE000BU2F009). The Bund will have a maturity of 17 years on issue and will be on offer again at the 29 May auction for 15-year Bunds.
  • Also Wednesday, Portugal will hold an auction with the following OTs on offer for a combined E1.25-1.50bln: the off-the-run 10-year 2.25% Apr-34 OT (ISIN: PTOTEWOE0017), the on-the-run 15-year 3.50% Jun-38 OT (ISIN: PTOTEZOE0014) and the off-the-run 20-year 4.10% Feb-45 OT (ISIN: PTOTEBOE0020)
  • On Thursday, Italy will come to the market to hold a 3/7/15+ year BTP auction with details due to be announced on Monday. We expect a reopening of the 2.95% Feb-27 BTP (ISIN: IT0005580045) alongside the 3.50% Feb-31 BTP (ISIN: IT0005580094). We have less conviction regarding the 15+ year BTP that will be on offer but pencil in a reopening of the 30-year 4.50% Oct-53 BTP (ISIN: IT0005534141).
NET NOMINAL FLOWS: The week ahead sees redemptions of E8.0bln from a maturing BTP Italia. There is also E0.5bln of coupon payments. This leaves estimated net flows for the week at positive E18.5bln, versus negative E1.9bln this week.

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