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EUROZONE ISSUANCE: EGB Supply

EUROZONE ISSUANCE
EurozoneBulletMarketsFixed Income Bullets

Italy looks to hold another conventional auction and Finland an ORI auction this week while Belgium has books open for a retail-only Bons d’Etat. Italy has already held a Specialist tap and a conventional auction this week whilst the EU and Germany have held auctions. We pencil in estimated gross issuance for the week at E22.8bln, down from E34.8bln last week.

  • Today, Italy will return to the market to hold a 5/9/10-year BTP and CCTeu auction. On offer will be E2.75-3.25bln of the on-the-run 5-year 3.00% Oct-29 BTP (ISIN: IT0005611055), E1.0-1.5bln of the 2.45% Sep-33 BTP (ISIN: IT0005240350), E1.75-2.00bln of the on-the-run 10-year 3.85% Feb-35 BTP (ISIN: IT0005607970) and E1.0-1.5bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467).
  • Also today, Finland will hold an ORI facility to sell up to a combined E300mln of the 0.50% Sep-27 RFGB (ISIN: FI4000278551) and the 2.95% Apr-55 RFGB (ISIN: FI4000566294). Note the marginally smaller size than the usual E400mln.
  • Through the week (25 Nov – 3 Dec), Belgium will have books open for a retail-only Bons d’Etat. On offer will be a 1 -year 2.20% Dec-25 issue and an 8-year 2.80% Dec-32 issue.

For more on this week's issuance and a look ahead to next week see the PDF here: EZ241128.pdf

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Italy looks to hold another conventional auction and Finland an ORI auction this week while Belgium has books open for a retail-only Bons d’Etat. Italy has already held a Specialist tap and a conventional auction this week whilst the EU and Germany have held auctions. We pencil in estimated gross issuance for the week at E22.8bln, down from E34.8bln last week.

  • Today, Italy will return to the market to hold a 5/9/10-year BTP and CCTeu auction. On offer will be E2.75-3.25bln of the on-the-run 5-year 3.00% Oct-29 BTP (ISIN: IT0005611055), E1.0-1.5bln of the 2.45% Sep-33 BTP (ISIN: IT0005240350), E1.75-2.00bln of the on-the-run 10-year 3.85% Feb-35 BTP (ISIN: IT0005607970) and E1.0-1.5bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467).
  • Also today, Finland will hold an ORI facility to sell up to a combined E300mln of the 0.50% Sep-27 RFGB (ISIN: FI4000278551) and the 2.95% Apr-55 RFGB (ISIN: FI4000566294). Note the marginally smaller size than the usual E400mln.
  • Through the week (25 Nov – 3 Dec), Belgium will have books open for a retail-only Bons d’Etat. On offer will be a 1 -year 2.20% Dec-25 issue and an 8-year 2.80% Dec-32 issue.

For more on this week's issuance and a look ahead to next week see the PDF here: EZ241128.pdf