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EGB Supply - W/C February 20, 2023

EUROZONE ISSUANCE

Germany and Italy are still due to sell bonds this week while the ESM, Slovakia, Spain, Slovenia, Germany, Luxembourg and Italy have already come to the market. We look for gross nominal issuance of E41.4bln this week, lower than last week’s E51.9bln.

  • Germany has released a mandate to reopen its 30-year 1.80% Aug-53 Bund (ISIN: DE0001102614) via syndication in the “near future.” MNI expects the transaction to take place today and we pencil in a E4.0-5.5bln transaction size.
  • 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 0.80% Oct-28 CCTeu (ISIN: IT0005534984).
For more on this week's issuance see the PDF here:

EZ230223.pdf

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