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EGB Supply W/C Feb 6, 2023 (2/2)

EUROZONE ISSUANCE
  • On Wednesday, Germany will return to the market with E4bln of the 7-year 2.10% Nov-29 Bund (ISIN: DE0001102622) on offer.
  • Portugal will draw auction issuance to an end on Wednesday with E0.75-1.00bln of the 1.65% Jul-32 OT (ISIN: PTOTEYOE0031) on offer.
  • In terms of syndications we think there is potential for a Belgian 20/30-year OLO, a 30-year French OAT, Italy (potentially CCTeu or BTPei) as well as a Spanish longer-dated Obli (possibly 15-year).
NET NOMINAL FLOWS: This week sees two redemptions totalling E3.1bln with the majority (E3.0bln) from a formerly 3-year ESM-bond. Coupons total just E0.1bln. With potential gross nominal issuance of up to E34.4bln this week, we look for net flows of positive E31.2bln, up from last week’s positive E8.0bln.


For more on this week's issuance see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.

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