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EGB Supply - W/C Nov 13, 2023 (1/2)

EUROZONE ISSUANCE

The EU, Germany, Greece, Spain and France all due to issue this week. We pencil in gross nominal issuance of E31.5bln, up from E14.5bln last week.

  • The EU will look to hold its last syndication of 2023 this week. With E26bln out of E40bln of the EU’s H2 target sold so far and only one further auction to follow this syndication, it could potentially be a dual-tranche transaction. We pencil in a E5-9bln total size but don’t have a strong conviction of with bonds will be on offer.
  • Tomorrow, Germany will look to sell E5bln of the 3.10% Dec-25 Schatz (ISIN: DE000BU22031).
  • Note that the Netherlands has announced it will not conduct its optional auction that it had pencilled in for tomorrow, and we have probably already seen the last Dutch auction of 2023. The DSTA did state that it reserved the right to hold another auction this year if necessary, however.
  • On Wednesday, Greece will look to hold its last auction of 2023, with details due to be announced on Tuesday (the day before).
  • Wednesday will then see Germany hold its last 30-year Bund auction of 2023 with E1bln of the 0% Aug-52 Bund (ISIN: DE0001102572) on offer alongside E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
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