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JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

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This document includes country-by-country commentary of issuance in January 2021, a summary of issuance plans for 2021 for each country, auction calendars for the year and schedules of coupon and redemption payments for 2021.

  • A total of E166.9bln of EGB and EU issuance took place in January 2021 (E161.5bln nominal). This is an increase of 33% over the E125.7bln of cash raised in January 2020.
  • 35% of this additional issuance can be attributed to the EU which has raised E14.6bln in cash terms (E14.0bln in nominal terms) through its SURE programme.
  • Germany accounted for around 19% of the total increase in issuance, having increased issuance by E7.9bln compared to January 2020.
  • Italy also increased issuance by E5.6bln compared to January 2020 (accounting for 13% of the increase).
  • A number of other countries also saw large increases in issuance relative to January 2020.
  • Only Portugal has a lower amount of issuance in January 2021 relative to January 2020.

MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com