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EGB Supply - W/C 8 July, 2024 (2/2)

EUROZONE ISSUANCE
  • Germany on Wednesday, will hold a 15-year Bund auction. On offer will be E500mln of the 0% May-36 Bund (ISIN:DE0001102549) alongside E1.5bln of the on-the-run 1.00% May-38 Bund (ISIN: DE0001102598).
  • Italy, on Thursday will conclude issuance for the week by holding a 3,7 and 15-50 year BTP auction. Details will be announced later today. We expect a reopening of the 3.45% Jul-27 BTP alongside the 3.45% Jul-31 BTP but we don’t have a strong conviction around the 15+ year BTP that will be on offer.

NET NOMINAL FLOWS: The upcoming week sees a single redemption of E1.4bln from a formerly 10-year Croatian government bond. Coupon payments for the week are E0.5bln, of which E0.3bln are from the EU, and E0.2bln are from the EFSF. This leaves estimated net flows for the week at positive E20.0bln, versus positive E1.0bln last week.

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

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