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EGB Supply W/C Feb 20, 2023 (2/2)

EUROZONE ISSUANCE
MNI (London)
  • On Wednesday, Italy will hold a BTP-ST / BTPei auction. On offer will be E3.25-3.75bln of the new 3.40% Mar-25 BTP Short Term. E1-1.5bln of the 0.10% May-33 BTPei (ISIN: IT0005482994) will also be on offer.
  • Also Wednesday, Germany will look to reopen the 10-year 2.30% Feb-33 Bund (ISIN: DE000BU2Z007) for E5bln.
  • Italy will return to the market on Friday with 5/10-year BTPs on offer alongside a CCTeu. We look for the 5-year 3.40% Apr-28 BTP (ISIN: IT0005521981) to be reopened alongside the 10-year 4.40% May-33 BTP (ISIN: IT0005518128) and the Oct-30 CCTeu (ISIN: IT0005491250).
  • Cancelled auction: Note that the OLO auction originally scheduled for Monday 20 February has been cancelled due to the launch of the 3.00% Jun-54 OLO via syndication on Wednesday 15 February.

NET NOMINAL FLOWS: This week sees redemptions and coupons sum to less than E1.0bln. With estimated gross nominal issuance of E31.0bln this week, we look for net flows of positive E30.1bln, up a little from last week’s positive E27.5bln.


See here for more information on this week's issuance:

EZ_230220.pdf

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