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W/C Jan 9, 2023 (2/3)

EUROZONE ISSUANCE
  • The EU will kick off next week’s auctions with up to E3bln of the 0.80% Jul-25 EU NGEU (ISIN: EU000A3K4DJ5) and up to E2bln of the 0.45% Jul-41 EU NGEU (ISIN: EU000A3KT6B1) on offer. This auction marks another step up in auction size to a combined E5bln. Until June 2022 EU-bond auctions had generally been single line auctions for E2.5bln but from August 2022 the size increased to up to E4bln, generally in a dual single format.
  • On Tuesday, the Netherlands will look to sell E2.5-3.5bln of the 3-year 0% Jan-26 DSL (ISIN: NL0015000QL2).
  • Also Tuesday, Austria will sell a combined E1.15bln of the 3.5-year 2.00% Jul-26 RAGB (ISIN: AT0000A308C5) and the 25-year 1.50% Feb-47 RAGB (ISIN: AT0000A1K9F1).
  • Tuesday will see the first linker auction of the year with Germany offering E500mln of the 0.10% Apr-33 ILB (ISIN: DE0001030583) on offer.
  • On Wednesday, Germany will look to launch its new Feb-33 Bund (ISIN: DE000BU2Z007) for E5bln. The coupon is still to be announced but is likely to exceed 2% for the first time in a decade.

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