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Spain 2023 funding plan update

EUROZONE ISSUANCE
  • Gross funding needs: E256.9bln - 10.4% increase from 2022 due to amortization.
  • MT/LT gross funding needs: E172.521bln (MNI had estimated E170bln) - up from 2022 but net funding needs of E70bln are in line with 2022.
  • Stock of letras expected to fall to E84.325bln, a drop of E5.0bln.
  • EU funds: E17bln in two disbursements expected from the Recovery Mechanism to be received but funding of Recovery Plan is E28.692bln - so additional funding needed from Treasury.
  • Spain plans to sell E3.2bln of green bonds in 2023.
  • Bond auctions to be held on the first and third Thursday of each month, with one linker in the first auction of the month.
  • Regarding today's auctions happy with the result which saw a top 3 highest demand of the past decade.
  • Two monthly letras auctions: 6/12-month in the first and 3.9-months in the second.

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