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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Nov 23

Italy, the Netherlands and Belgium will issue government bonds in the W/C Nov 23. We estimate supply of E12.7bn compared to E25.9bn the previous week.

ISSUANCE:

  • Belgium will be the first to come to market with a tap of the 0.80% Jun-25 OLO and the 1.25% Apr-33 OLO on Monday for a combined E1.3-1.5bn.
  • On Tuesday the Netherlands will offer EUR1.5-2.5bn of the 0% Jan-27 DSL.
  • Italy will hold at an auction of CTZ/BTPEi on Wednesday and M/L-T BTPs on Friday with issue details and target volumes TBA.

CASH FLOWS:

  • E36.0bn in redemptions and E2.3bn in coupon payment will leave net cash flows at E-25.6bn for the week.

** For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix:

cfm231120.pdf

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