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W/C Feb 20, 2023 (2/2)

MNI (London)
  • On Wednesday, Italy will hold a BTP-ST / BTPei auction. In terms of the BTP Short Term, we expect to see a new issue launched, potentially with a Nov-24 maturity although note that in January Italy preferred to tap two existing BTPs rather than issue a new BTP-ST. We don’t have a strong view on the maturity of the BTPei on offer. Details will be released later today.
  • Also Wednesday, Germany will look to reopen the 10-year 2.30% Feb-33 Bund (ISIN: DE000BU2Z007) for E5bln.
  • Italy will return to the market on Friday with 5/10-year BTPs on offer alongside a CCTeu. we look for the 5-year 3.40% Apr-28 BTP (ISIN: IT0005521981) to be reopened alongside the 10-year 4.40% May-33 BTP (ISIN: IT0005518128) and the Oct-30 CCTeu (ISIN: IT0005491250).
  • Cancelled auction: Note that the OLO auction originally scheduled for Monday 20 February has been cancelled due to the launch of the 3.00% Jun-54 OLO via syndication on Wednesday 15 February. NET NOMINAL FLOWS: The upcoming week sees redemptions and coupons sum to less than E1.0bln. With estimated gross nominal issuance of E31.0bln next week, we look for net flows of positive E30.1bln in the week ahead, up a little from this week’s positive E27.5bln.

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