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EUROZONE ISSUANCE: EGB Supply

EUROZONE ISSUANCE
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Italy and Ireland look to hold auctions today, whilst the EU and Italy have both held syndications and the Netherlands and Germany have held already auctions this week. We pencil in estimated gross issuance for the week at E33.0bln, up from E31.8bln last week.

  • Today, Italy will come to the market to hold a 3/7-year BTP auction, with on-the-run issues being on offer (as we expected): E3.0-3.5bln of the 3.45% Jul-27 BTP (ISIN: IT0005599904) and E2.5-3.0bln of the 3.45% Jul-31 BTP (ISIN: IT0005595803). There is no 15-50-year BTP on offer due to the 30-year benchmark syndication, noted above.
  • Also today, Ireland will sell a combined E1.0bln of the 1.35% Mar-31 Green IGB (ISIN: IE00BFZRQ242) and the 2.60% Oct-34 IGB (ISIN: IE000LQ7YWY4). 

For more details on issuance this week and next week see the full document here: EZ240912.pdf

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Italy and Ireland look to hold auctions today, whilst the EU and Italy have both held syndications and the Netherlands and Germany have held already auctions this week. We pencil in estimated gross issuance for the week at E33.0bln, up from E31.8bln last week.

  • Today, Italy will come to the market to hold a 3/7-year BTP auction, with on-the-run issues being on offer (as we expected): E3.0-3.5bln of the 3.45% Jul-27 BTP (ISIN: IT0005599904) and E2.5-3.0bln of the 3.45% Jul-31 BTP (ISIN: IT0005595803). There is no 15-50-year BTP on offer due to the 30-year benchmark syndication, noted above.
  • Also today, Ireland will sell a combined E1.0bln of the 1.35% Mar-31 Green IGB (ISIN: IE00BFZRQ242) and the 2.60% Oct-34 IGB (ISIN: IE000LQ7YWY4). 

For more details on issuance this week and next week see the full document here: EZ240912.pdf