1Matteo Mamprin AC (44-20) 7134-0329matteo.mamprin@jpmorgan.comJ.P. Morgan Securities plcAditya Chordia (44-20) 7134-2132aditya.x.chordia@jpmorgan.comJ.P. Morgan Securities plcEurope European Rates Strategy23 February 2024J P M O R G A NSupply and redemption outlook for next two weeks (excel-friendly table)UK, EU, ESM, US, Japan & AustraliaAnnouncementsRedemptionsSupplyRedemptionsSupplyShortMediumLongUltralongweek 26 FebItalyValore 6Y 10-15Mon 26 FebFrance31.03M 3.2, 6M 1.7, 7M 0.5, 12M 2.0Germany5M 2.0, 11M 3.0Greece0.1US2Y 63.0, 5Y 64.0Tue 27 FebGermanyg Aug50 1.0Netherlandsg Jan44 2.0Italy6M 2.5, 7M 2.5Austriag 3M 1.75, 5M 1.0AustraliaFeb50 0.15Japang 5Y 0.8US7Y 42.0UKIL 2039 0.9Wed 28 FebGermanyMay38 1.0, Jul42 0.5ItalyJul29 3.75, F Oct31 1.5Jul34 4.5France6.1Netherlands5.9UK2031 4.0Thu 29 FebAustria1.805-Mar auction detailsJapan2Y 2.9Fri 01 MarBelgiumORI (TBC)France07-Mar auction detailsSpain07-Mar auction detailsItaly22.1Japan3M 5.8Mon 04 MarFrance3M 3.5, 6M 2.0, 12M 1.5Germany6M 3.0Netherlands4M, 6MEUTBCTue 05 MarAustria1.01.0GermanyApr29 4.0Belgium4M, 12M Spain6M, 12M 4.0UK2027Japan10YESM3M 1.1Wed 06 MarGreece12M 0.5France7.8EU3M, 6MThu 07 MarFrance6.05.0Spain2.02,0, IL 0.52.0Italy12-Mar T-bills auction detail Belgium6.4Japan6M, 30YFri 08 MarItaly13-Mar auction detailsSpain7.1Greece1.0Japan3M€ T-billsSupplyEuro area bondsNote: Green bonds highlighted in green. Auction size in bold; IL: Inflation linked; F: Floater, Z: BTP short; R: Reverse auction; E: Exchange auction; syn.: Syndicate; billions of local currency; Italia: Italian retail inflation linked bond; JGB auctions in 1,000bn yen; peripheral supply highlighted in grey. Auction sizes shown in the table are J.P. Morgan estimates unless official announcement is made by the time of publication. Source: National Debt Agencies and J.P. MorganSummary for the week of 26th Feb – 01st Mar (bn of local currency*)Supply and Data Outlook2Matteo Mamprin AC (44-20) 7134-0329matteo.mamprin@jpmorgan.comJ.P. Morgan Securities plcAditya Chordia (44-20) 7134-2132aditya.x.chordia@jpmorgan.comJ.P. Morgan Securities plcEurope European Rates StrategySupply and Data Outlook23 February 2024J P M O R G A NBonds*T-billsGovt. bond gross supply26.320.2169.04.93.7Redemptions (by trade date**)22.113.80.00.03.2Net supply4.26.4169.04.90.5JGBs*Euro areaUS Treasuries*UK gilts** Includes conventional bonds, linkers, zero coupons and floaters. JGB amounts in 1,000 bn yen.** Based on secondary market convention: Euro area: T+2 for bonds and T-bills; US Treasuries: mid-month auctions settle on 15th of the month (if holiday then next business day) and end-month auctions settle on the last day of the month (if holiday then next business day for Treasuries and previous business day for TIPS); UK gilts: T+1 and JGBs: T+2. For UK, the redemption amount is the secondary market outstanding which includes BoE holdings. Source: National Debt Agencies and J.P. MorganWeekly redemption + coupon paym...
