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The Netherlands, Italy and Germany are due to hold bond auctions next week with E17.3bln expected to be raised.
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The Netherlands, Italy and Germany are due to hold bond auctions next week with E17.3bln expected to be raised. In addition, the EU is expected to hold a syndication for EU SURE bonds which we estimate will raise a further E14bln.
- The Netherlands will kick off the auctions for the week on Tuesday with E2-3bln of the 0.25% Jul-25 DSL on offer.
- Also on Tuesday, Italy looks to sell E2.5-3.0bln of the Sep-22 CTZ and E0.75-1.00bln of the 0.65% May-26 BTPEi.
- We expect Tuesday to be the day the EU comes to the market to sell a dual-tranche of SURE bonds. We expect a new 7-year issue and for the second bond to have a maturity of 20-30 years (Bloomberg and Reuters sources pieces have pointed to a dual 7-year and 30-year transaction).
- Germany will come to the market on Wednesday to sell E4bln of the Feb-31 Bund.
- Italy will return to the market on Thursday to sell MT/LT BTPs. Details are to be announced on Monday.
CASH FLOWS: With just E0.1bln of redemptions and E0.3bln of coupon payments, we look for total issuance of E31.3bln. Last week's issuance of E30.0bln saw net flows of E22.1bln.
For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document.