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EGB Supply - W/C 8 May, 2023

EUROZONE ISSUANCE

The EU, Austria, Germany and Italy all look to issue this week. We pencil in gross nominal issuance of E23.7bln from announced operations, up from last week’s E21.7bln.

  • The EU is scheduled to hold a syndication in the upcoming week.
  • Austria will kick off auctions for the week tomorrow with a combined E1.725bln of 10/20-year RAGBs on offer: the 2.90% Feb-33 RAGB (ISIN: AT0000A324S8) and the 3.15% Jun-44 RAGB (ISIN: AT0000A0VRQ6).
  • Also tomorrow, Germany will look to sell E5bln of the 2.20% Apr-28 Bobl (ISIN: DE000BU25000).
  • Wednesday will see Germany return to the market to hold a 30-year Bund auction with E1.0bln of the 0% Aug-50 Bund (ISIN: DE0001102481) on offer alongside E1.5bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
  • On Thursday Italy will look to hold a 3/7/15-50-year BTP auction. We look for reopenings of the 3-year 3.80% Apr-26 BTP (ISIN: IT0005538597) and the 3.70% Jun-30 BTP (ISIN: IT0005542797) but we have less conviction on which 15-50-year BTPs will be on offer. The details of the BTPs on offer will be announced later today.

NET NOMINAL FLOWS: This week sees redemptions totalling just E0.4bln and coupons for the week total E0.2bln. With estimated gross nominal issuance of E23.7bln in the week, we look for net flows of positive E23.2bln in the week, almost reversing the negative E25.5bln seen last week.

For more on this week's issuance, a recap of last week's issuance and a look ahead to next week's issuance see the PDF here.

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