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EGB Supply - W/C 9 Oct, 2023

EUROZONE ISSUANCE

The EU, Germany and Italy are due to issue in the week ahead. We pencil in gross nominal issuance of E17.6bln.

  • The EU is scheduled to hold a syndication in the week ahead. We expect the transaction to take place on Tuesday.
  • Germany will come to the market on Tuesday to hold the last Index-Linked Bund auction of the year. On offer will be E400mln of the 10-year 0.10% Apr-33 ILB (ISIN: DE0001030583) and E200mln of the 23-year 0.10% Apr-46 ILB (ISIN: DE0001030575).
  • Germany will return to the market on Wednesday to hold a 30-year Bund auction. E1.0bln of the 1.25% Aug-48 Bund (ISIN: DE0001102432) will be on offer alongside E1.5bln of the 0% Aug-52 Bund (ISIN: DE0001102572).
  • Italy will come to the market on Thursday. We look for reopenings of the on-the-run 3-year 3.85% Sep-26 BTP (ISIN: IT0005556011), the on-the-run 7-year 4.00% Nov-30 BTP (ISIN: IT0005561888) alongside another 15-50-year BTP. Details will be announced on Monday.
NET NOMINAL FLOWS: The week ahead sees a single redemption of a German Bobl for E18.5bln with coupon payments of just E0.2bln in the week. This leaves net flows for the week close to flat at an estimated negative E1.1bln, versus positive E7.9bln (excluding retail) this week.

For more on this week and next week's supply as well as a recap of last week's issuance see the PDF here.

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