This week, EGB issuance activity will decline compared to last week, as Italy and possibly Belgium are expected to sell EUR 7bn of bonds. Risks are to the upside as some issuers, such as Greece, might decide to launch new transactions. Redemptions (BTP 1.2% Apr22 and OLO 4% Mar22) and coupons from Italy and Belgium will amount to EUR 30bn and EUR 5bn. Therefore, net supply is likely to be negative. In addition to EGB issuance activity, the EU will hold a bond auction today.