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EUROZONE ISSUANCE: EGB Supply

EUROZONE ISSUANCE
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Italy and Germany still look to hold auctions this week and Portugal an exchange, whilst the ESM, Spain and Slovenia have already held syndications and the EU, Belgium, and Germany have already held auctions. We pencil in estimated gross issuance for the week at E36.8bln, up from E28.9bln last week.

  • Italy will hold a BTP Short Term and BTPei auction today. E2.25-2.75bln of the on-the-run 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269) will be on offer alongside E1.00-1.25bln of the 5-year 1.50% May-29 BTPei (ISIN: IT0005543803) and E1.00-1.25bln of the 15-year 2.40% May-39 BTPei (ISIN: IT0005547812).
  • Also today, Portugal will hold an exchange auction. IGCP looks to sell the on-the-run 15-year 3.50% Jun-38 OT (ISIN: PTOTEZOE0014), the on-the-run 20-year 1.15% Apr-42 OT (ISIN: PTOTEPOE0032) and the 1.00% Apr-52 OT (ISIN: PTOTECOE0037). IGCP looks to buy back the 2.875% Jul-26 OT (ISIN: PTOTETOE0012) and the 4.125% Apr-27 OT (ISIN: PTOTEUOE0019).
  • Germany will return to the market today to sell E3bln of the 2.40% Nov-30 Bund (ISIN: DE000BU27006).
  • Italy on Friday will conclude the week’s issuance by holding a 5/10-year BTP and CCTeu auction. On offer will be
    E0.75-1.00bln of the 3.00% Aug-29 BTP (ISIN: IT0005365165), E2.0-2.5bln of the on-the-run 5-year 3.00% Oct-29 BTP (ISIN: IT0005611055), E3.0-3.5bln of the on-the-run 10-year 3.85% Feb-35 BTP (ISIN: IT0005607970) and E1.25-1.75bln of the Oct-30 CCTeu (ISIN: IT0005491250).

For more details on issuance this week and next week see the full document here: EZ240925.pdf

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Italy and Germany still look to hold auctions this week and Portugal an exchange, whilst the ESM, Spain and Slovenia have already held syndications and the EU, Belgium, and Germany have already held auctions. We pencil in estimated gross issuance for the week at E36.8bln, up from E28.9bln last week.

  • Italy will hold a BTP Short Term and BTPei auction today. E2.25-2.75bln of the on-the-run 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269) will be on offer alongside E1.00-1.25bln of the 5-year 1.50% May-29 BTPei (ISIN: IT0005543803) and E1.00-1.25bln of the 15-year 2.40% May-39 BTPei (ISIN: IT0005547812).
  • Also today, Portugal will hold an exchange auction. IGCP looks to sell the on-the-run 15-year 3.50% Jun-38 OT (ISIN: PTOTEZOE0014), the on-the-run 20-year 1.15% Apr-42 OT (ISIN: PTOTEPOE0032) and the 1.00% Apr-52 OT (ISIN: PTOTECOE0037). IGCP looks to buy back the 2.875% Jul-26 OT (ISIN: PTOTETOE0012) and the 4.125% Apr-27 OT (ISIN: PTOTEUOE0019).
  • Germany will return to the market today to sell E3bln of the 2.40% Nov-30 Bund (ISIN: DE000BU27006).
  • Italy on Friday will conclude the week’s issuance by holding a 5/10-year BTP and CCTeu auction. On offer will be
    E0.75-1.00bln of the 3.00% Aug-29 BTP (ISIN: IT0005365165), E2.0-2.5bln of the on-the-run 5-year 3.00% Oct-29 BTP (ISIN: IT0005611055), E3.0-3.5bln of the on-the-run 10-year 3.85% Feb-35 BTP (ISIN: IT0005607970) and E1.25-1.75bln of the Oct-30 CCTeu (ISIN: IT0005491250).

For more details on issuance this week and next week see the full document here: EZ240925.pdf