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

EUROZONE ISSUANCE
  • On Thursday, Spain will look to launch its new 3-year 2.80% May-26 Bono (ISIN: ES0000012L29). Also on offer will be the 7-year 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 23-year 2.90% Oct-46 Obli (ISIN: ES00000128C6) and the 10-year 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12). Auction amounts will be confirmed this afternoon.
  • Finally on Thursday, Italy is due to hold its mid-month auction. We look for reopenings of the 3-year 3.50% Jan-26 BTP (ISIN: IT0005514473) and the 7-year 3.85% Dec-29 BTP (ISIN: IT0005519787). If Italy announces a LT BTP syndication mandate today there is a chance that the 15-50-year auction is skipped in the upcoming week.
  • Spain is also likely to release its 2023 funding plans this week.

NET NOMINAL FLOWS: The upcoming week will see no redemptions and only negligible coupon payments. We therefore look for net flows of E47.1bln in the week ahead, up from E24.8bln this week.

For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.

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