EUROZONE ISSUANCE: EGB Supply (2/2)

• Finland will look to hold an ORI operation on Thursday with details to be confirmed the preceding day but a size of up to E400mln expected.
• Italy will return to the market on Friday with a 5/10-year BTP / CCTeu auction. Details will be confirmed on Tuesday but we expect the 5-year 3.15% Jun-31 BTP (ISIN: IT0005707614) to be on offer alongside potentially a new 10-year Oct-36 BTP (although there is a risk this is launched in September instead). We also look for the Apr-36 CCTeu (ISIN: IT0005707689) to be on offer.
• The Netherlands will come to the market on Friday to potentially hold its inaugural ORI auction. If it is to be held, details will be confirmed on Thursday – but there will be no official announcement if the operation is not held. A maximum of two ISINs will be available for a combined total up to E750mln. Books will open at 10:00BST / 11:00CET and then close half an hour later at 10:30BST / 11:30CET. This will potentially be the first of up to three Dutch ORI auctions held in 2026. The auction is a conventional multiple price auction.
• Belgium will also open books for its retail-only 1/10-year Bons d’État on Wednesday, with books due to close on Thursday 3 September.

NOMINAL FLOWS: The upcoming week will see redemptions of E13.2bln, fully from an Italian BTP Short Term. Coupon payments will total E1.1bln of which E0.8bln are Italian and E0.3bln Belgian. This leaves estimated net flows for the week at positive E8.6bln (ex-retail), versus negative E12.2bln this week.