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EGB Supply - W/C February 20, 2023

EUROZONE ISSUANCE

Luxembourg, Germany and Italy Slovenia are still due to sell bonds this week while the ESM, Slovakia, Spain, Slovenia and Germany have already come to the market. We look for gross nominal issuance of E35.9bln this week, significantly lower than last week’s E51.9bln.

  • Luxembourg has released a mandate for a new 10/20-year LGB syndication. MNI expects the transaction to take place today with a combined transaction size of E2-3bln (most likely around the midpoint of E2.5bln).
  • Also this morning, 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.
  • This morning will then see 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 on-the-run 5/10-year BTPs on offer alongside a new Oct-28 CCTeu: E2.0-2.5bln of the 5-year 3.40% Apr-28 BTP (ISIN: IT0005521981), E3.0-3.5bln of the 10-year 4.40% May-33 BTP (ISIN: IT0005518128) and E3.0-3.5bln of the new Oct-28 CCTeu.
For more on this week's issuance see the PDF here:

EZ230222.pdf

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