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Free AccessGermany, Italy, Belgium and the...>
EUROZONE ISSUANCE: Germany, Italy, Belgium and the Netherlands will issue EGBs
this week. We estimate supply (excl potential syndications) of E16.5bn (revised
from E14.9bn initially) compared to E26.8bn last week.
- RECAP: Belgium got the ball rolling with a tap of E2.72bn on Monday across the
0.50% Oct-24 OLO, 0.10% Jun-30 OLO and the 2.25% Jun-57 OLO. On Tuesday the
Netherlands sold E1.42bn of the 0.50% Jan-40 DSL. Germany then allotted E4.03bn
of the 0% Jun-22 Schatz. Germany allotted E2.127bn of the 0.0% May-35 Bund on
Wednesday. On the same day Austria syndicated a new 100-year bond.
- ISSUANCE: Italy will conclude issuance for the week with an auction of the
0.65% May-26 BTPEi and the May-22 CTZ for a combined E4.5-5.5bn.
- CASHFLOWS: There will be no redemptions and E3.7bln in coupon payments which
will leave net cash flows at E12.8bnbn for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow
Matrix (containing our initial supply estimates for the week):
https://emedia.marketnews.com/CFM220620vghj.pdf
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.